Gold price trade listless, silver hits 2-month low

PTI Posted online: Friday, Oct 11, 2013 at 0000 hrs
Mumbai : Gold price continued to trade listlessly at the bullion market today due to steady selling by stockists and traders amidst lack of local buying interest as well as falling prices on the international market.

Silver dropped to nearly two-month lows to retrace Rs 48,000 per kg level on hectic speculative selling.

Standard gold of 99.5 per cent purity fell by Rs 70 to close at Rs 30,145 per 10 gram, from Thursday's closing level of Rs 30,215.

Pure gold of 99.9 per cent purity declined by a similar margin to finish at Rs 30,295 per 10 gram from Rs 30,365 previously.

Silver ready (.999 fineness) tumbled by Rs 950 to end at Rs 48,360 per kg from Rs 49,310 yesterday.

Globally, gold trade was mostly stable following signs that US budget deadlock may be heading towards a settlement, which lifted the dollar, diminishing the metal's safe-haven appeal.

In London, gold traded steady at USD 1,285.60 an ounce in early trades, while silver was bid down at USD 21.49 an ounce.