Gold price eases on lower demand amid bearish overseas sentiment

Written by PTI | Mumbai | Updated: Jul 1 2014, 01:21am hrs
Gold prices declined in lacklustre trade on the domestic bullion market here today due to reduced off-take by jewellery stockists as well as poor local buying.

Silver dropped sharply on the back of heavy unwinding from speculators, coupled with sluggish industrial demand.

Standard gold (99.5 purity) fell by Rs 55 to conclude at Rs 28,095 per 10 grams from last Saturday's closing level of Rs 28,150.

Pure gold (99.9 purity) also lost by the similar margin to end at Rs 28,245 per 10 grams from Rs 28,300.

Silver (.999 fineness) slumped by Rs 270 to finish at Rs 45,005 per kilo against weekend level of Rs 45,275.

Globally, the yellow metal continued to hold its near two-month high pressured by weak dollar and a slew of disappointing economic data amid expectations for the Federal Reserve to keep interest rates on hold earlier than expected.

Spot gold was trading at USD 1,312.80 an ounce in early European trade.