Gold eases, silver falls on subdued demand

Mumbai-India (Feb 5)  Gold prices continued its slide to eased for the fourth day at the domestic bullion market here today due to lack of demand from jewellery stockist and retail consumers amid lower global cues.

Elsewhere, silver too remained under selling pressure on the back of sustained speculative unwinding.

Standard gold (99.5 purity) declined by Rs. 85 to end at Rs. 27,640 per 10 grams from Wednesday’s closing level of Rs. 27,725.

Pure gold (99.9 purity) also went down by a similar margin to close at Rs. 27,790 per 10 grams from Rs. 27,875.

Silver (.999 fineness) dipped by Rs. 685 to conclude at Rs. 38,630 per kg as against Rs. 39,315 previously.

On the global front, gold edged lower as uncertainty in Greece after the European Central Bank said it would no longer accept Greek bonds in return for funding, left investors on the sidelines. The ECB’s announcement dealt a blow to Athens which is seeking debt relief from euro zone lenders, knocking the euro down against the dollar in early trade.

Spot gold bid fell at $1,263.51 in early European trading and silver moved down at $17.23 an ounce.

Souce: The Hindu