Gold price falls on weak demand; silver rebounds to hit Rs 45K mark

 PTI   Mumbai     Last Updated: August 4, 2014  | 18:59 IST
Gold price falls on weak demand; silver rebounds to hit Rs 45K mark

Gold prices fell marginally after a straight three-session gaining spree at the bullion market in Mumbai on Monday due to reduced offtake from stockists and local investors shadowed by global uneasiness.

Silver, on the other hand, regained some lost ground following renewed industrial buying.

Standard gold (99.5 purity) moved down by Rs 25 to end at Rs 27,985 per 10 grams compared to last Saturday's closing level of Rs 28,010.

Pure gold (99.9 purity) also softened by Rs 20 to settle at Rs 28,135 per 10 grams from Rs 28,155.

Silver (.999 fineness), however, rose by Rs 100 to conclude at Rs 45,000 per kg against Rs 44,900 last weekend.

On the global front, the yellow metal traded modestly higher after rebounding from six-week low on easing fears of an imminent interest rates hike following disappointing US jobs data boosted the metals safe-haven demand.

Spot gold was bid higher at $1,294 an ounce in early European session.

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