Demand slump dampens Dhanteras fest, gold fever cools down

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Domestic prices are ruling at lower levels as against the last year. Reuters Domestic prices are ruling at lower levels as against the last year. Reuters
SummaryStandard gold of 99.5 per cent purity dropped by Rs 170 to conclude at Rs 30,510 per 10 grams.

Dhanteras -- considered an auspicious day to buy the yellow metal -- failed to light up the domestic bullion hub here as sluggish demand amid volatile global situation dampened consumers' buying spirit.

The shiny metal continued its uninterrupted downfall and lost another Rs 170 to finish at a two-week low of Rs 30,510 per 10 grams.

Domestic prices are ruling at lower levels as against the last year. Sharp volatility in price movement is due to policy measures as well as economic slowdown amid global uncertainty, traders commented.

Gold graphs November 1

Moving with the general trend, industrial metal silver also plunged due to frantic unwinding from speculators and traders.

Standard gold of 99.5 per cent purity dropped by Rs 170 to conclude at Rs 30,510 per 10 grams from Thursday's closing level of Rs 30,680.

Pure gold of 99.9 per cent purity lost Rs 145 to end at Rs 30,685 per 10 grams from Rs 30,830.

Silver ready (.999 fineness) slumped by Rs 665 to close at Rs 49,320 per kilo as compared to overnight level of Rs 49,985.

Globally the yellow metal were trading almost flat after previous session rout on stronger dollar following the positive US macro economic data.

Spot gold was bid lower at USD 1,326.01 an ounce in early European trade.

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