Mumbai: Gold prices gave up their recent gains at the domestic bullion market here today on subdued local buying. Elsewhere, silver remained under intense selling for the fourth consecutive day on speculative selling amid lower industrial demand.
Standard gold (99.5 purity) declined by Rs 115 to close at Rs 25,230 per 10 grams from yesterday's level of Rs 25,345. Pure gold (99.9 purity) also fell by a similar margin of Rs 115 to finish at Rs 25,380 per 10 grams from Rs 25,495. Silver (.999 fineness) continued its slide and fell by another Rs 195 per kg to conclude at Rs 33,720 as against Rs 33,915 overnight.
Globally, gold rose as a retreat in the dollar sparked a rebound after the previous day's 1 per cent slide, but moves were muted as traders awaited the outcome of this week's Federal Reserve policy meeting.
Spot gold was up 0.4 per cent at USD 1,067.27 an ounce in early trade, while US gold futures for February delivery were up USD 3.40 an ounce at USD 1,066.80. While, silver was up 0.4 per cent at USD 13.81 an ounce after a six-day losing streak. It had dropped to USD 13.60 yesterday, its lowest since August 2009.
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