Gold Price Continuously Fall on Reduced Demand

Gold Prices Continued to decline at the bullion market here on Thursday on the back of persistent offloading by stockiest and speculators amid lack of retail buying support.

On the other hand, Silver which moved sharply in its overnight trade, settled marginally lower on stray demand. Standard gold (99.5 Purity) dropped by Rs 60 per 10 grams to close at Rs 19,310 from Wednesday’s closing levels of Rs 19,370. Pure Gold (99.9 Purity) also moved down by Rs 55 per 10 grams to conclude at Rs 19,405 as against Rs 19,460 in the previous session. Silver ready (.999 fineness) softened to Rs 36,605 per Kilo from yesterday’s close of Rs 36,610.

On global front, gold reversed its bearish trend and rose on fresh dollar weakness against its major rival currencies. Spot gold was bid at $1,329.85 an ounce in early trade from $1,324.70 late in New York yesterday. US gold futures for December delivery gained by $7.40 and ounce to $1,330. Silver was bid at $23.71 an ounce, as against 23.53.