Mumbai:- Gold prices declined marginally, snapping a two-day upmove at the domestic bullion market here today due to lack of demand from stockists and retailers in the face of subdued overseas tone.
Elsewhere, silver also encountered heavy profit- selling from speculative traders after recent sharp rally.
Standard gold (99.5 purity) fell by Rs 70 to finish at Rs 26,275 per 10 grams from Wednesday’s closing level of Rs 26,345.
Pure gold (99.9 purity) also slipped by a similar margin to end at Rs 26,425 per 10 grams compared to Rs 26,495.
Silver (.999 fineness) slumped by Rs 370 to close at Rs 37,080 per kg from Rs 37,450 yesterday.
On the global front, the yellow metal retreated from its two-week high as investors turned cautious ahead of the FOMC minutes reliease from the last meeting for clues on the timing of an interest rate hike, while losses were capped on expectations that the US Federal Reserve will delay raising interest rates until next year.
Spot was substantially lower at USD 1,138.20 an ounce in early European trade and silver fell below USD 16 mark at USD 15.43 an ounce.
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