Mumbai:- Gold prices ruled stable in a largely quiet trade at the domestic bullion market here on muted jewellery and investors offtake as well as lack of local buying interest amid lower global cues.
Silver, too, held steady in the absence of any major buying activity.
Withdrawal of high-denomination banknotes to curb black money and subsequent cash crunch amid IT surveys took a toll on gold trade, a dealer said.
Globally, gold eased in line with a firmer dollar, but found support at around USD 1,225 an ounce as a sharp rally in cyclical assets like stocks and copper following Donald Trump’s win in the US presidential election ran out of steam.
Standard gold (99.5 per cent purity) closed at its overnight level of Rs 29,880 per 10 grams.
Pure gold (99.9 per cent purity) also settled at its previous level of Rs 30,030 per 10 grams.
Silver (.999 fineness) closed unchanged at yesterday’s level of Rs 42,700 per kg.
London spot gold was down 0.1 per cent at USD 1,226.20 an ounce in early European trade while US gold futures for December delivery were up USD 1.40 an ounce at USD 1,225.90.
Silver was down 0.7 per cent at USD 16.96 an ounce in the global market.
PTI
