Gold starts 2017 on subdued note, silver drops

Mumbai:- Gold prices slipped by Rs 60 per 10 grams on the first trading day of the new year at the domestic bullion market here today due to subdued demand from jewellery stockists and retailers amid absence of global cues.

Silver dropped owing to speculative selling coupled with reduced industrial offtake.

Standard gold (99.5 purity) fell by Rs 60 to close at Rs 27,840 per 10 grams from last Friday’s level of Rs 27,900.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 27,990 per 10 grams against Rs 28,050 earlier.

Silver (.999 fineness) dropped by Rs 570 per kg to conclude at Rs 39,360 compared to Rs 39,930 last Friday.

Globally, European and US markets remained closed today for the extended New Year holiday.

PTI