Gold softens in listless trade; silver reclaims Rs 45K-level

Written by PTI | Mumbai | Updated: Jul 29 2014, 16:00pm hrs
GoldSpot gold was bid low at $1,304.60 per ounce in early European trade.(Reuters)
Gold prices moved down marginally in a lacklustre trade at the bullion market here today due to poor local buying interest as well as subdued demand from jewellery stockists.

On the other hand, silver rallied further and reclaimed the Rs 45,000 per kg level on frantic speculative offtake amid higher industrial demand.

Standard gold (99.5 purity) eased by Rs 5 to end at Rs 27,895 per 10 grams as compared to last Saturday's level of Rs 27,900.

Pure gold (99.9 purity) also edged down by a similar margin to settle at Rs 28,045 per 10 grams from Rs 28,050.

Silver (.999 fineness), however, surged by Rs 235 to finish at Rs 45,050 per kg against the weekend close of Rs 44,815.

Globally, the shiny metal turned weak on stronger dollar amid investors' caution ahead of US GDP growth data and the FOMC meeting outcome.

Spot gold was bid low at $1,304.60 per ounce in early European trade.