Gold price eases on low buying, silver drops

Mumbai: Gold prices eased at the domestic bullion market here Thursday on lower offtake from stockists and traders as well as subdued local buying interest coupled with lower global cues.

Silver also dropped on the back of reduced industrial demand.

Standard gold (99.5 purity) declined by Rs 20 to close at Rs 31,150 per 10 grams from Wednesday's closing level of Rs 31,170.

Pure gold (99.9 purity) also went down by a similar margin to finish at Rs 31,300 per 10 grams as against Rs 31,320 previously.

Silver (.999 fineness) dipped by Rs 285 per kg to end at Rs 45,500 against yesterday's level of Rs 45,785.

In worldwide trade, gold slipped as the dollar and European equities edged upwards, curbing the metal's demand ahead of next week's US Federal Reserve policy meeting.

Spot gold dipped by 0.1 percent to USD 1,321.70 an ounce in early trade, with US gold futures down 0.2 percent at USD 1,323.60.

Among other precious metals, spot silver rose 0.3 percent to USD 19.04 an ounce.