Gold price remains flat; silver gains

 PTI   Mumbai     Last Updated: July 5, 2014  | 16:15 IST
Gold price remains flat; silver gains

Gold continued to trade lacklustre for the second straight session and ended almost flat at the bullion market in Mumbai due to weak demand from stockists as well as subdued local buying interest.

Silver, on the other hand, maintained its momentum owing to sustained demand from jewellery and coin makers amid good industrial support.

Local players mostly stayed on the sidelines amid a lack of fresh trading cues from overseas due to closure of US markets, a bullion trader said.

Standard gold (99.5 purity) edged down by Rs 5 to finish at Rs 27,945 per 10 grams from Friday's closing level of Rs 27,950.

Pure gold (99.9 purity) also softened by a similar margin to settle at Rs 28,090 per 10 grams against Rs 28,100.

Silver (.999 fineness), however, rose by Rs 85 to conclude at Rs 45,445 per kg as compared with Rs 45,360 on Friday.

In the national capital, gold price declined by Rs 50 to Rs 28,350 per 10 grams at the bullion market, owing to slackened demand from jewellers at prevailing levels.

Silver also snapped its two-day gaining streak and traded lower by Rs 200 at Rs 45,100 per kg on reduced offtake by industrial units and coin makers.

Marketmen said subdued demand from jewellers and retailers at prevailing levels, mainly led to the fall in gold prices but a firming trend overseas, capped the fall.

Globally, gold traded a shade higher at $1,319.94 an ounce in London on Thursday.

In Delhi, gold of 99.9 and 99.5 per cent purity fell Rs 50 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively, while sovereigns remained steady at Rs 24,900 per piece of eight grams in limited deals.

Silver ready softened by Rs 200 to to Rs 45,100 per kg and weekly-based delivery shed Rs 20 to Rs 44,625 per kg. The white metal had gained Rs 500 in last two days.

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