Gold, silver prices decline in Mumbai on low demand

Nov 16 2013, 16:24 IST
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Globally, gold edged higher on weak dollar as well as disappointing US industrial production data. Globally, gold edged higher on weak dollar as well as disappointing US industrial production data.
SummarySnapping a two-day uptrend, gold declined modestly at the domestic bullion market.

Snapping a two-day uptrend, gold declined modestly at the domestic bullion market today due to subdued demand from jewellery stockists and retailers amid a weak overseas trend.

Silver remained under intense selling and lost further ground owing to sluggish demand from industrial units and coin makers.

Standard gold (99.5 purity) shed Rs 65 to conclude at Rs 31,125 per 10 gram from overnight Rs 31,190.

Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 31,275 per 10 gram from Rs 31,340.

Silver ready (.999 fineness) slumped by Rs 270 to end at Rs 48,080 per kg as compared to Rs 48,350 yesterday.

Globally, the yellow metal edged higher on weak dollar as well as disappointing US industrial production data backed by bolstering expectations for prolonged stimulus measures.

Gold December delivery inched up to settle at USD 1,287.40 an ounce on the Comex division of the NYMEX late yesterday.

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