Gold price trades lacklustre, silver declines

Written by PTI | Mumbai | Updated: Feb 6 2013, 02:25am hrs
Gold continued to trade almost flat amid mute activity at the bullion market here on Monday in the absence of buying interest from traders and retailers.

Silver also encountered speculative selling following reduced industrial demand.

Standard gold of 99.5 per cent purity moved down by Rs 5 per 10 gm to end at Rs 30,230 from last Saturday's closing level of Rs 30,235.

Pure gold of 99.9 per cent purity also softened by similar margin to conclude at Rs 30,365 from Rs 30,370.

Silver ready (.999 fineness) slipped by Rs 80 to finish at Rs 58,835 per kg as compared to Rs 58,915 last weekend.

"The yellow metal is lacking impetus in the absence definite cues from overseas were trading is range-bound," dealers said adding that the recent hike in import-duty also affected the market sentiment to some extent.

Overseas, gold edged lower as investors exited positions over positive US data signalling economic recovery.

In Europe, spot gold bid lower at USD 1,664.55 an ounce in early trade and silver bid down at USD 31.56 an ounce.