Gold Eases On Subdued Demand, Silver Gains

| } October 24 , 2016 , 18:12 IST
[caption id="attachment_233141" align="aligncenter" width="700"]Gold prices eases due to subdued demand Gold prices eases due to subdued demand[/caption] Gold prices eased further at the domestic bullion market here today on lower demand from investors and stockists as well as poor local buying interest amidst weak global cues. While, silver, on the other hand rose owing to persistent offtake from industrial users and speculative traders. Also Read: Sydney Opera House To Turn Gold For Diwali Standard gold (99.5 purity) declined up by Rs 30 to close at Rs 29,960 per 10 grams from last Friday's level of Rs 29,990. Pure gold (99.9 purity) also moved down by a similar margin to end at Rs 30,110 per 10 grams against Rs 30,140, previously. However, silver (.999 fineness) climbed by Rs 290 per kg to conclude at Rs 42,930 compared to Rs 42,640 earlier. On the Global front, gold steadied in line with the dollar as uncertainty over the timing of a US interest rate hike hemmed prices into a range, with traders awaiting US data and comment from a raft of Federal Reserve officials for further direction. Spot gold was at USD 1,266.05 an ounce in early European trade, little changed from USD 1,266.25 late on Friday, while US gold futures for December delivery were down 70 cents an ounce at USD 1,267.00. Silver was up 0.7 percent at USD 17.59 an ounce.

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