Gold Silver Reports – Gold Prices Fail to Sparkle in Mumbai on Diwali – Gold prices slumped for the second day by Rs120 per 10 grams at the bullion market in Mumbai on Wednesday, taking weak cues from global market amid slackened demand from jewellers and retailers.
Silver too weakened further by Rs140 per kg due to reduced offtake by industrial units. Standard gold (99.5 purity) dropped by Rs120 to close at Rs29,495 per 10 grams from Tuesday’s level of Rs29,615. Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs29,645 per 10 grams compared Rs29,765 Tuesday.
Silver (.999 fineness) fell by Rs140 per kg to end at Rs39,430 as compared to Rs39,570 previously. Globally, gold fell for a third straight session on pressure from a firmer dollar amid speculation that the next US Fed chair may be a policy hawk.
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Spot gold was down 0.4% at $1,280.13 an ounce at early trade, earlier touching its lowest since 9 October at $1,279. In other precious metals, silver was down 0.3% at $16.93 an ounce, after touching a one-week low in the previous session. – Neal Bhai Reports
