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Gold, silver slide on subdued demand

Mumbai, Aug 14 (PTI) Gold fell by Rs 100 at the bullion market here today on fresh selling by stockists and jewellery traders.

Silver also dropped Rs 295 per kg on reduced offtake by industrial units.

Standard gold (99.5 purity) fell by Rs 100 to end at Rs 29,555 per 10 grams from Monday's level of Rs 29,655.

Pure gold (99.9 purity) also eased by the same margin to close at Rs 29,705 per 10 grams against Rs 29,805 previously.

Silver (.999 fineness) slipped by Rs 295 to conclude at Rs 37,530 as against Rs 37,825 previously.

Globally, gold prices steadied near 18-month lows, attempting a break back above the key USD 1,200 level as the dollar eased and analysts said the precious metal could have fallen too far.

Spot gold inched up 0.1 per cent to USD 1,195.16 an ounce at early trade. In the previous session, the bullion hit USD 1,191.35, its lowest since Jan 30, 2017.

Silver rose from an over 13-month low of USD 14.94 in the previous session. On Tuesday it was up 0.6 per cent at USD 15. PTI RD MR MR

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


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