Gold price declines on weak demand amid global bearishness

Mumbai-India (July 1)  Gold prices declined further at the domestic bullion market here due to lacklustre buying support from stockists and retailers.

 Silver also fell sharply owing to reduced offtake by consuming industries.

 Standard gold (99.5 purity) slipped by Rs 65 to end at Rs 26,295 per 10 grams from overnight closing level of Rs 26,360.

 Pure gold (99.9 purity) also shed by a similar margin to finish at Rs 26,445 per 10 grams from Rs 26,510.

 Silver (.999 fineness) slumped by Rs 175 to conclude at Rs 36,230 per kg compared to Rs 36,405 previously.

 On the global front, the yellow-metal traded its lowest levels in four-weeks in cautious trade on strong dollar value as well as fading Greek woes in the midst of an imminent Fed rate hike after more strong economic data.

 Spot gold was lower at USD 1,169.50 an ounce in early European trade, while silver quoted soft at USD 15.58 an ounce.

Source: BusinessStandard