Gold price dips further on poor demand, silver recovers

Mumbai-India (Oct 17)  Gold slipped further at the domestic bullion market here due to poor offtake from stockists and weak local buying interest on the back of lower global cues.

Silver however recouped marginally following fresh speculative buying.

Standard gold (99.5 purity) eased by Rs. 30 to close at Rs. 26,865 per 10 grams from Friday’s close of Rs. 26,895.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs. 27,015 per 10 grams as compared to Rs. 27,045 earlier.

Silver (.999 fineness) rose by Rs. 50 to end at Rs. 37,670 per kg as against Rs. 37,620 yesterday.

Globally, gold prices slipped yesterday as a recovering dollar pulled them off a 3—1/2 month high, after gaining in recent sessions on bets against a US interest rate hike.

US gold futures for December delivery settled down at $1,182.10 an ounce and silver eased to $16.03 an ounce.

Source: TheHindu