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Gold declines on subdued demand, silver recovers

Both the precious metals, moved in an opposite direction on the bullion market here today as gold declined further due to subdued offtake from stockists and traders while silver recovered modestly on mild demand from industrial units.

By: | Mumbai | Published: September 16, 2016 7:14 PM
Standard gold (99.5 purity) fell by Rs 100 to end at Rs 31,050 per 10 grams from Thursday’s closing level of Rs 31,150. (Source: Reuters)

Both the precious metals, moved in an opposite direction on the bullion market here today as gold declined further due to subdued offtake from stockists and traders while silver recovered modestly on mild demand from industrial units.

Standard gold (99.5 purity) fell by Rs 100 to end at Rs 31,050 per 10 grams from Thursday’s closing level of Rs 31,150.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 31,200 per 10 grams as compared to Rs 31,300 yesterday.
Silver (.999 fineness) went up by Rs 85 to end at Rs 45,585 per kg as against Rs 45,500 yesterday.

Globally, gold steadied above two-week lows after downbeat US data curbed already muted expectations for a US rate rise next week but uncertainty over monetary policy kept the metal on track for its first weekly loss in three.

Spot gold was at USD 1,314.33 an ounce in early trade, little changed from $1,313.80 late on Thursday, a session when it hit its lowest since Sept 2 at $1,309.25.

Silver was also little changed at USD 18.93 an ounce.

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