Gold price slips on subdued demand,global cues; silver edges up

Gold prices slipped at the domestic bullion market here today due to fall in offtake from traders and investors amid weak trend in overseas markets.

Written by Agencies | Mumbai | Published: July 2, 2012 7:27 pm

Gold prices slipped at the domestic bullion market here today due to fall in offtake from traders and investors amid weak trend in overseas markets.

Silver,however,gained modestly after falling over the last four sessions on some stray industrial buying.

Standard gold (99.5 purity) declined by Rs 60 to end at Rs 29,550 per 10 grams from last Saturday’s closing level of Rs 29,610.

Pure gold (99.9 purity) also lost by Rs 65 to close at Rs 29,680 per 10 gm from Rs 29,745.

However,silver ready (.999 fineness) went up by Rs 55 per kg to settle at Rs 53,035 as against Rs 52,980 last weekend.

On the global front,gold prices retreated in London trading after Friday’s spectacular rally,as investors turned cautious after the decisions announced by the European leaders last week to overcome the Euro debt crisis and ahead of ECB’s policy meet.

Spot gold was bid lower at USD 1,592.50 an ounce in early trade while silver was down at USD 27.38 an ounce.

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