Gold remains lacklustre amid weak demand

Press Trust of India Posted online: Wednesday, Jun 04, 2014 at 0000 hrs
Mumbai : Gold prices fell further at the domestic bullion market here today due to reduced offtake by jewellery stockists and poor local buying interest amid continued uncertainties overseas.

Silver also declined marginally due to the sluggish industrial demand.

Standard gold (99.5 purity) eased by Rs 30 to finish at Rs 26,770 per 10 grams against overnight level of Rs 26,800.

Pure gold (99.9 purity) fell by Rs 35 to end at Rs 26,915 per 10 grams from Rs 26,950.

Silver (.999 fineness) fell by Rs 60 to conclude at Rs 40,730 per kg against Rs 40,790 on Tuesday.

Globally the shiny metal traded almost flat after recent sharp sell-off amid some bargain hunting, while encouraging US economic data and interest rate hike fears capped gains.

Gold for August delivery softened at USD 1,244.50 an ounce on the comex division of NYMEX late yesterday, while silver gained to settle at USD 18.76 an ounce.