Gold, Silver extend losses amid festive season

RSTV Bureau
Representative Image.

Representative Image.

Gold edged lower in listless trade for the third straight session at the bullion market in Mumbai on Friday due to lack of buying interest from stockists and retailers even as the metal rose overseas.

Silver too slid further owing to lack of buying support from industrial units and coin makers.

Standard gold (99.5 purity) eased by Rs 5 to close at Rs 29,695 per 10 grams from Thursday’s level of Rs 29,700.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 29,845 per 10 grams as against Rs 29,850 earlier.

Silver (.999 fineness) fell by Rs 45 per kg to finish at Rs 39,410 as compared to Rs 39,455 previously.

Globally, Gold prices held at slightly firmer levels as investors awaited US economic data that was expected to give more clues about a possible interest rate hike in December.

Spot gold was up 0.1 per cent at USD 1,288.25 per ounce at early trade.

Meanwhile, silver slipped 0.2 per cent higher to USD 16.80 per ounce and was on track for a 4 per cent loss on the month, but was set to end the quarter 1.7 per cent higher.