MUMBAI: Gold prices declined further on the bullion market here on Friday due to sustained offerings by stockists at higher levels in view of
bearish trend in New York. Silver, which scaled to its historic high on Thursday, also reacted downwards owing to lack of demand from industrial users.
In New York, gold futures finished lower on Thursday, retreating after touching a fresh-18 month high, as the dollar gained back some ground after slumping to its lowest level this year. Gold for December delivery fell by $6.70 to finish at $1,013.50 an ounce. In Asian trade, it climbed as high as $1,025.80 an ounce, a fresh-18 month high. Silver for December delivery also lost 16 cents to end at $17.27 an ounce.
Turning to the domestic market, standard gold (99.5 purity) declined further by Rs 65 per ten grams to end at Rs 15,875 from Thursday’s closing level of Rs 15,940.
Pure gold (99.9 purity) also slipped by a similar margin to Rs 15,955 as against Rs 16,020 previously. Silver ready (.999 fineness), too, fell by Rs 165 per kilo to close at Rs 26,860 from Rs 27,025 on Thursday.
