Gold price continues to fall on weak demand; silver rebounds

May 12 2014, 18:59 IST
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SummaryGold prices dropped further at the domestic bullion market today due to lack of local buying support at existing levels as well as reduced offtake from jewellery stockists.

Gold prices dropped further at the domestic bullion market today due to lack of local buying support at existing levels as well as reduced offtake from jewellery stockists.

Silver, however, regained some lost ground after its relentless slide on fresh demand from industrial users.

Standard gold (99.5 purity) slipped by Rs 85 to end at Rs 29,705 per 10 grams from last Saturday's closing level of Rs 29,790.

Pure gold (99.9 purity) also declined by Rs 90 to finish at Rs 29,850 per 10 grams as compared to Rs 29,940.

Silver (.999 fineness), however rose by Rs 215 to conclude at Rs 42,655 per kg from weekend level of Rs 42,440.

Globally, the yellow-metal gained modestly on weak dollar and bargain hunting.

Spot gold was up at USD 1,296 an ounce in early European trade.

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