Gold drops on lacklustre demand amid selling

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Mumbai, Jul 2 (PTI) Gold prices dropped at the domestic bullion market here today due to sluggish demand as well as modest stockists selling despite firm overseas sentiment.

Silver, too, fell back owing to lack of industrial buying. Standard gold (99.5 purity) declined by Rs 115 to finish at Rs 28,075 per 10 grams from Tuesday's closing level of Rs 28,190. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,225 per 10 grams against Rs 28,340.

Silver (.999 fineness) moved down by Rs 110 to conclude at Rs 45,070 per kilo from overnight level of Rs 45,180. On the global front, the shiny metal maintained its three-month peak on safe haven appeal boosted by escalating turmoil in Iraq as well as strong appetite from bullion-backed funds. Spot gold was little changed at USD 1,325.00 an ounce in early European trade.

PTI

Read more about: gold
Story first published: Wednesday, July 2, 2014, 18:35 [IST]
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