Gold prices slip on subdued demand

Mumbai-India (Jan 18)  Gold prices declined at the bullion market on Wednesday on lack of demand from jewellery stockists, while silver firmed up further on persistent buying from industrial users. Standard gold (99.5 purity) declined by Rs50 per 10 grams to finish at Rs29,235, from its overnight closing level of Rs29,285.

Pure gold (99.9 purity) also slipped by a similar margin to end at Rs29,385 per 10 grams compared to Rs29,435 previously. Silver (.999 fineness) rose by Rs110 to finish at Rs41,910 per kg from Tuesday’s close of Rs41,800.

Globally, gold retreated from the previous day’s eight-week high as a rebound in the dollar ahead of US inflation data and a speech by US Federal Reserve chair Janet Yellen prompted some buyers to cash in gains.

Spot gold was down 0.3% at $1,212.50 an ounce in early trade. Silver was down 0.2% to $17.13 an ounce.

Source: LiveMint