Gold price dips below Rs 25,000 per 10 grams level

Mumbai: Falling for the fourth straight day, gold prices Friday slid by Rs 215 to Rs 24,935 per 10 grams at the bullion market due to reduce demand from jewellers and retailers.

Silver also dropped by Rs 650 to Rs 33,520 per kg, hit by lack of buying support from industrial units.

Standard gold (99.5 purity) dipped by Rs 215 to settle at Rs 24,935 per 10 grams compared to overnight close of Rs 25,150.

Pure gold (99.9 purity) also fell by a similar margin to end at Rs 25,085 per 10 grams compared to Rs 25,300 in yesterday's closing.

Silver (.999 fineness) also slumped by Rs 650 to conclude at Rs 33,520 per kg as against Rs 34,170.

Globally, gold edged higher, recovering from its biggest daily loss in five months as stocks and the dollar retreated, but remained near multi-year lows after the US Federal Reserve hiked interest rates for the first time in nearly a decade.

Spot gold was up 0.3 percent at USD 1,055.70 an ounce in early trade, while US gold futures for February delivery were
up USD 5.70 an ounce at USD 1,055.30.

Silver was up 0.7 percent at USD 13.79 an ounce.