Gold price falls on poor demand amid global uncertainty
Mumbai-India (Aug 23) Gold prices declined marginally in a lacklustre trade at the domestic bullion market in Mumbai on Saturday due to lack of buying interest amid disappointing overseas trading sentiment.
Silver also fell back sharply after a brief overnight rebound following renewed selling by speculative traders.
Standard gold (99.5 purity) eased by Rs 10 to settle at at Rs 27,685 per 10 grams from Friday's close of Rs 27,695.
Pure gold (99.9 purity) edged down by Rs 5 to end at Rs 27,835 per 10 grams as compared to Rs 27,840.
Silver (.999 fineness) slumped by Rs 235 to finish at Rs 43,040 per kg against overnight level of Rs 43,275.
Meanwhile, the yellow metal rebounded modestly in global trade after a prolonged downtrend on bargain hunting despite a stronger dollar and monetary policy concerns.
Gold for December delivery rose by $4.80 to close at $1,280.20 an ounce on the Comex division of the NYMEX late on Friday, while silver moved down to $19.39 an ounce.