Gold eases on low buying

By: | Published: July 27, 2016 7:06 PM

Gold prices eased at the domestic bullion market here on lower offtake from stockists and traders as well as subdued local buying interest.

Gold bonds scheme opens; who can buy and what is the purchase limitGold prices eased at the domestic bullion market here on lower offtake from stockists and traders as well as subdued local buying interest. (Photo: Reuters)

Gold prices eased at the domestic bullion market here on lower offtake from stockists and traders as well as subdued local buying interest.

Silver also dropped on the back of reduced industrial demand.

Standard gold (99.5 purity) declined by Rs 35 to close at Rs 30,765 per 10 grams from Tuesday’s closing level of Rs 30,800.

Pure gold (99.9 purity) also went down by a similar margin to finish at Rs 30,915 per 10 grams as against Rs 30,950 previously.

Silver (.999 fineness) moved down by Rs 115 a kg to end at Rs 46,750 against Tuesday’s level of Rs 46,865.

Globally, gold steadied near USD 1,320 an ounce on Wednesday as traders awaited the outcome of a two-day Federal Reserve policy meeting later, which will be closely watched for any clues on the scale and pace of interest rate hikes this year.

Spot gold was at USD 1,320.12 an ounce in early trade, little changed from USD 1,319.84 late on Tuesday. US gold futures for August delivery were down 10 cents at USD 1,320.70.

Among other precious metals, silver was down 0.2 per cent at USD 19.59.

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