TIL Desk/Business/Mumbai-After overnight gains, gold slipped at the domestic bullion market here on Friday on reduced demand from jewellery stockist and retailers. Silver too followed the yellow metal and dropped INR 780 per kg on speculative selling following subdued offtake by industrial units.
Standard gold (99.5 purity) fell by INR 340 to close at INR 29,910 per 10 grams from Thursday’s level of INR 30,250. Pure gold (99.9 purity) also moved down by a similar margin to finish at INR 30,060 per 10 grams as against INR 30,400 on Thursday. Silver (.999 fineness) slumped by INR 780 to conclude at INR 41,560 as compared to INR 42,340 previously.
Globally, gold rose in early trade, supported by a softer dollar, and was heading for a third week of gains following a cautious note from the Federal Reserve on rates and uncertainty ahead of Britain’s vote on European Union membership. Gold, often seen as an insurance in times of financial and economic uncertainty, peaked at USD 1,315.55 on Thursday, its strongest since August 2014. Spot gold was up at USD 1,285.01 an ounce in early European trade and spot silver was also up USD 17.35 an ounce.
