Business

Gold extends loss; silver slips

Mumbai, Aug 3 (PTI): | Publish Date: 8/4/2018 1:39:17 AM IST

Gold prices declined for the fourth straight day at the bullion market here Friday, picking weak overseas signal amid subdued demand from local jewellers.

Silver too dipped owing to lack of industrial buying support.

Standard gold (99.5 purity) dropped by Rs 135 to end at Rs 29,455 per 10 grams from Thursday’s closing level of Rs 29,590.

Pure gold (99.9 purity) also moved down by a similar margin to Rs 29,605 per 10 grams as compared to Rs 29,740 earlier.

Silver (.999 fineness) dipped by Rs 130 to conclude at Rs 37,760 per kg as against Rs 37,890 previously. Globally, a stronger dollar combined with a slump in the Chinese currency pushed gold down to the weakest in nearly 17 months on Friday and some analysts expect further downside.

Spot gold was unchanged at USD 1,207.56 an ounce at early trade.

Among other precious metals, silver rose 0.1 per cent to USD 15.32 an ounce.

 

 

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