Mumbai: Gold declined for the second straight day at the bullion market here today on reduced demand from stockists and retailers amid subdued local buying. Elsewhere, silver also continued its slide and fell by another Rs 390 on reduced offtake by industrial users.
Standard gold (99.5 purity) drifted lower by Rs 75 to finish at Rs 25,230 per 10 grams from yesterday’s closing level of Rs 25,305. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 25,380 per 10 grams as compared to Rs 25,455. Silver (.999 fineness) dropped by Rs 390 per kg to close at Rs 34,030 from yesterday’s closing level of Rs 34,420.
Globally, gold drifted lower and headed for the seventh weekly drop in eight as investors positioned themselves for a likely US rate rise. A rate increase at the Federal Reserve’s policy meeting on Dec 15-16 would be the first in nearly a decade and could dent demand for non-interest paying gold.
Spot gold fell 0.6 percent to USD 1,064.63 an ounce in early trade, after closing flat over the last two sessions. Silver was down 1.4 percent at USD 13.96 an ounce.
