Gold prices dip Rs 80 to Rs 29,790 in Mumbai

PTI Posted online: Saturday, May 10, 2014 at 0000 hrs
Mumbai : Gold prices today fell by Rs 80 to Rs 29,790 per 10 gram at the domestic bullion market due to reduced off-take from jewellery stockists and retail investors amid discouraging overseas cues.

Silver continued its relentless downtrend on the back of consistent speculative unwinding coupled with sluggish industrial demand.

Standard gold (99.5 purity) fell by Rs 80 to finish at Rs 29,790 per 10 grams from Friday's level of Rs 29,870.

Pure gold (99.9 purity) also lost by a similar margin to end at Rs 29,940 per 10 grams as against Rs 30,020.

Silver (.999 fineness) dropped by Rs 150 to conclude at Rs 42,440 per kg compared with Rs 42,590 yesterday.

Globally, the yellow metal slumped further, extending its fall for the fourth session in a row on investors selling amid easing of geopolitical tensions.

Gold for June delivery settled lower at USD 1,287.60 an ounce on the Comex division of the NYMEX late yesterday, while silver softened to USD 19.12 an ounce.