Gold, silver slip on subdued demand

Gold drifted lower by Rs 120 per 10 grams at the bullion market here today following subdued demand from stockists and investors.

Silver also declined by Rs 85 per kg on slow offtake by industrial units.

Standard gold (99.5 purity) dropped by Rs 120 to close at Rs 29,675 per 10 grams from Thursday's level of Rs 29,795.

Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs 29,825 per 10 grams compared Rs 29,945 yesterday.

Silver (.999 fineness) fell by Rs 85 per kg to end at Rs 39,855 as compared to Rs 39,940 previously.

Globally, gold was on track for its first weekly rise in five weeks ahead of US inflation data later in the day that could give clues on the pace of US interest rate rises.

Spot gold was flat at USD 1,293.81 an ounce at early trade after touching a high of USD 1,298.32.

Silver was up 0.4 per cent at USD 17.24 an ounce after hitting a three-week high of USD 17.32.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)