Mumbai:- Gold tumbled by Rs 585 per 10 grams at the bullion market here today following reduced demand from stockists and retailers coupled with subdued local buying interest despite higher prices in the overseas market.
Silver too dropped on speculative profit-booking after its recent rally on the back of reduced industrial buying.
Globally, gold crawled up after dipping slightly as global markets took respite from a massive sell-off in risky assets and digested Republican Donald Trump’s shock US presidential win, but gains were capped by firmer Asian stocks and a steady dollar.
Standard gold (99.5 purity) dipped by Rs 585 to end at Rs 30,560 per 10 grams from Wednesday’s closing level of Rs 31,145.
Pure gold (99.9 purity) also moved down by a similar margin of Rs 585 to Rs 30,710 per 10 grams from Rs 31,295.
Silver (.999 fineness) declined by Rs 100 to conclude at Rs 45,270 per kg as against Rs 45,370 earlier.
London spot gold was up 0.5 per cent at USD 1,283.76 an ounce in early European trade, while US gold futures rose 0.8 per cent to USD 1,283.70 per ounce.
Silver was up 0.54 per cent at USD 18.57 an ounce.
PTI
