Gold price drops marginally on low demand; silver shines

PTI Posted online: Tuesday, Jun 03, 2014 at 0000 hrs
Mumbai : Gold prices eased further at the bullion market here today due to reduced offtake by stockists as well as lack of buying interest.

In contrast, silver regained some lost ground after two-session slump on renewed buying from industrial units.

Standard gold (99.5 purity) moved down by Rs 40 to conclude at Rs 26,800 per 10 grams from Monday's closing level of Rs 26,840.00

Pure gold (99.9 purity) also slipped by similar margin to end at Rs 26,950 per 10 grams as against Rs 26,990.

Silver (.999 fineness), however, rose by Rs 120 to close at Rs 40,790 per kg from Rs 40,670 yesterday.

Globally, the metal continued to trade near its lowest level in four months on encouraging US manufacturing report and better global economic data supported by strong dollar value.

Gold for August delivery edged down to USD 1,244 an ounce on the comex division of NYMEX late yesterday, while silver gained to settled at USD 18.74 an ounce.