Gold falls on selling by stockists amid weak demand

Mumbai: Gold prices dropped at the domestic bullion market here today due to fresh bout of selling by stockists and jewellery traders amid volatile overseas trend.

Elsewhere, silver also pulled back after a strong rally owing to hectic speculative unwinding.

Standard gold (99.5 purity) declined by Rs 125 to finish at Rs 26,855 per 10 grams from Thursday’s closing level of Rs 26,980.

Pure gold (99.9 purity) also declined by the same margin to settle at Rs 27,005 per 10 grams, as against Rs 27,130.

Silver (.999 fineness) slumped by Rs 465 to conclude at Rs 37,025 per kg over yesterday’s level of Rs 37,490.
In the worldwide trade, the shiny metal struggled to reclaim the psychological USD 1200 an ounce mark amid widespread volatility after the Federal Reserve pledged to take a patient approach towards before raising key interest rates.

Spot gold was substantially lower at USD 1,195 an ounce in early European trade, while silver bid soft at USD 15.83 an ounce.

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