Gold slips by Rs 65, silver eases

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Mumbai, Jan 31 (PTI) Gold prices slipped by falling Rs 65 per 10 grams in the bullion market here today, mostly on account of weak demand from jewellers even as the metal rose overseas.

Silver, however, continued its fall and lost another Rs 20 per kg owing to reduced offtake by industrial units.

Standard gold (99.5 purity) dropped by Rs 65 to close at Rs 30,240 per 10 grams from Tuesday’s level of Rs 30,305.

Pure gold (99.9 purity) also dipped by the same amount to finish at Rs 30,390 per 10 grams as compared Rs 30,455 yesterday.

Silver (.999 fineness) declined by Rs 20 per kg to end at Rs 39,170 as compared to Rs 39,190 previously.

Globally, Gold prices rebounded as the dollar resumed its downtrend, but analysts said bullion was vulnerable to weakness ahead of the Lunar New Year and if bulls start shedding their long positions.

Spot gold was up 0.4 per cent to USD 1,342.80 per ounce at early trade.

In other precious metals, silver climbed 0.5 per cent to USD 17.22 per ounce. PTI RD MKJ

Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.

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