Gold softens on poor offtake; silver drops

Mumbai, Aug 13 : Gold prices moved down marginally at the domestic bullion market here today due to reduced demand from stockists as well as lack of local buying support. Moving with the general trend, silver also declined on sluggish industrial demand. Standard gold (99.5 purity) edged down by Rs 10 to settle at Rs 28,455 per 10 grams against Tuesday’s closing level of Rs 28,465.

Pure gold (99.9 purity) also eased by same margin to end at Rs 28,605 per 10 grams from Rs 28,615. Silver (.999 fineness) fell by Rs 50 to conclude at Rs 44,520 per kg as compared to overnight level of Rs 44,570. Globally, the yellow metal maintained its firm trend on the back of safe-haven buying in the midst of geopolitical developments amid some caution to US retail sales data to be released later in the day. Spot gold was higher at USD 1,310.30 an ounce in early European trade.