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Gold, silver slip on subdued demand, global cues

Mumbai: Gold prices declined modestly at the domestic bullion market here due to subdued offtake by jewellery stockist as well as absence of local buying support amid bearish global cues.Silver also moved down due to
gold silver slip on subdued demand global cues -...
PTI May 11, 2015 18:10 IST

Mumbai: Gold prices declined modestly at the domestic bullion market here due to subdued offtake by jewellery stockist as well as absence of local buying support amid bearish global cues.

Silver also moved down due to lack of industrial demand. Standard gold (99.5 purity) fell by Rs 35 to finish at Rs 26,895 per 10 grams from last Saturday's closing level of Rs 26,930.

Pure gold (99.9 purity) also eased by a similar margin to end at Rs 27,045 per 10 grammes from Rs 27,080.

Silver (.999 fineness) fell by Rs 35 to conclude at Rs 38,110 per kg against Rs 38,075 previously.

On the global front, gold edged lower in early trade, as the dollar rose against the euro ahead of talks between Greece and euro zone finance ministers, but losses were limited by Friday's mixed US data supporting bets the Federal Reserve will not raise rates until late 2015.

Spot gold was down at USD 1,185.50 an ounce in early European trade and silver also fell at USD 16.42 an ounce.

 

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