MUMBAI: Gold prices reacted downwards on the bullion market here today snapping its three-day sharp surge due to lack of local buying interest coupled with stockist offerings as well as bearish outlook in Asian markets. While, silver firmed up further on sustained industrial demand. In Tokyo, gold dipped but stayed near the psychological level of USD 1,000 an ounce on buying linked to a weaker US dollar. Spot gold stood at USD 993.70 an ounce, down 0.2 per cent from New York notional close. US gold futures for December delivery were at USD 995.40 an ounce as against USD 996.70 on Friday. However, silver was bid at USD 16.29 an ounce compared with 16.20 on Friday. In the domestic market, standard gold (99.5 purity) declined by Rs 45 per ten grams to Rs 15,740 from weekend's closing level of Rs 15,785. Pure gold (99.9 purity) also fell by Rs 40 to Rs 15,815 per ten grams from Rs 15,855 previously. However, silver ready (.999 fineness) advanced further by Rs 70 per kilo to Rs 25,860 as against Rs 25,790 previously.

Source