Mumbai: Gold slipped by Rs 20 per ten grams while silver prices nosedived by Rs 655 per kg at the bullion market here today due subdued buying interest. Silver prices fell below the Rs 36,000 level following heavy speculative selling and poor industrial demand. Standard gold (99.5 purity) eased by Rs 20 to end at Rs 25,885 per 10 grams Tuesday’s closing level of Rs 25,905.
Pure gold (99.9 purity) also went down by a similar margin to finish at Rs 26,035 per 10 grams as against Rs 26,055 previously. Silver (.999 fineness) dropped by Rs 655 to close at Rs 35,630 as compared to Rs 36,285 previously.
On the global front, gold rose in Europe, as mixed US data and devalued Chinese yuan last week supported the gold, while caution struck ahead of the US inflation data and minutes of the Federal Reserve’s last policy meeting awaiting fresh clues on whether interest rates will rise next month.
Spot gold was higher at USD 1,122.00 an ounce in early European trade, and spot silver also up at USD 14.94 an ounce.