Money Market Guru – Gold prices fall, silver extends gains in Mumbai – Gold prices slipped after a two session surge at the domestic bullion market in Mumbai Wednesday following subdued demand from stockists and investors, even as the metal strengthened overseas.
However, silver maintained its rising trend and firmed up by Rs45 per kg on increased offtake by industrial units. Standard gold (99.5 purity) declined by Rs65 to close at Rs29,695 per 10 grams from Tuesday’s finish of Rs29,760.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs29,845 per 10 grams as compared to Rs29,910 Tuesday. Silver (.999 fineness) rose by Rs45 to end at Rs39,850 from Rs39,805 earlier.
Globally, gold edged higher after Catalonia’s leader balked at making a formal declaration of independence from Spain, sending the euro higher and the dollar down. Spot gold was up 0.2% at $1,289.40 an ounce at early trade. In other precious metals, silver rose 0.3% to $17.13 an ounce, having hit a three-week high in the previous session.
Gold prices fall, silver extends gains in Mumbai – Money Market Guru