HindustanTimes Mon,29 Dec 2014

Gold ends lower on poor demand amid global uncertainty

PTI  Mumbai , August 23, 2014
First Published: 16:10 IST(23/8/2014) | Last Updated: 16:14 IST(23/8/2014)

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.

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