Gold drops in lacklustre trade, smart recovery in silver

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Standard gold moved down by Rs 20 to close at Rs 29,195 per 10 grams from Wednesday's closing level of Rs 29,215. Reuters Standard gold moved down by Rs 20 to close at Rs 29,195 per 10 grams from Wednesday's closing level of Rs 29,215. Reuters
SummaryStandard gold moved down by Rs 20 to close at Rs 29,195 per 10 grams from Wednesday's closing level of Rs 29,215.

Gold prices eased further at the domestic bullion market today on poor off-take from stockists and investors amidst lack of local buying interest at the existing levels.

However, silver recovered smartly on heavy speculative demand and good industrial buying support.

Standard gold (99.5 purity) moved down by Rs 20 to close at Rs 29,195 per 10 grams from Wednesday's closing level of Rs 29,215.

Pure gold (99.9 purity) edged down by Rs 10 to end at Rs 29,330 per 10 grams from Rs 29,340.

However, silver ready (.999 fineness) climbed up by Rs 220 per kg to finish at Rs 52,940 from Rs 52,720 yesterday.

"The yellow metal is moving in a tight band due to limited demand and weak trend in overseas markets," traders said.

In New York, gold ended lower on strong dollar amidst subdued hopes of more monetary stimulus in the US.

Gold for August delivery declined USD 18.70 to USD 1,570.80 an ounce on the Comex division of NYMEX late yesterday.

Silver for September contract eased 22 cents to USD 27.10 an ounce.

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