Gold prices today slipped by Rs 195 to Rs 29,355 per 10 gram at the bullion market here today on lower offtake from investors and stockists and subdued local buying interest at higher levels, also mainly driven by a turn around in global market. Silver also slipped below Rs 41,000 mark by falling by Rs 335 per kg on speculative selling by industrial users.
Standard gold (99.5 purity) slumped by Rs 195 to finish at Rs 29,355 per 10 grams from Thursday’s closing level of Rs 29,550. Pure gold (99.9 purity) also shed by a similar margin of Rs 195 to conclude at Rs 29,505 per 10 grams as against Rs 29,700 earlier.
Silver (.999 fineness) dropped by a whopping Rs 335 per kg to end at Rs 40,800 compared to Rs 41,135 previously.
Globally, gold slipped, as the dollar advanced versus the yen, but the metal was still looking to post a weekly gain, while silver was set for its biggest weekly increase in 11 months.
Gold was down 0.1 percent at USD 1,247.05 an ounce in early European trade, after hitting a five-week high of USD 1,270.10 an ounce on Thursday. Among other precious metals, spot silver rose 1.1 per cent to USD 17.20 an ounce. It had risen to a 11-month high of USD 17.69 in the previous session and was up 6 percent for the week.