Gold declines, but silver improves further | business | Hindustan Times
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Gold declines, but silver improves further

business Updated: Jul 29, 2009 01:21 IST
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Gold prices reacted downwards on the bullion market in Mumbai on Tuesday due to lack of local buying interest amid offerings by stockists at higher levels despite firm trend in overseas markets.

Silver, however, improved further on persistent industrial demand.

Gold rose in Europe as the dollar depreciated and fresh gains in equity markets boosted appetite for riskier assets. The dollar slid to an eight-week low against the euro and its weakest this year versus a basket of currencies.

Spot gold was bid at $953.75 an ounce as against $52.65 an ounce late in New York on Monday.

US gold futures for August delivery rose by 50 cents to $954.00 an ounce on the Comex division of the New York Mercantile Exchange.

Turning to the domestic market, standard gold (99.5 purity) declined by 35 per ten grams to Rs 14,985 from Monday's closing level of Rs 15,020.

Pure gold (99.9 purity) also fell by a similar margin to Rs 15,060 from Rs 15,095 previously.

However, silver ready (.999 fineness) moved up by Rs 15 per kilo to Rs 23,140 as against Rs 23,125.