Gold Prices Close Lower, Silver Prices Extend Gains

Mumbai: Gold prices edged lower in listless trade at the bullion market on Tuesday due to lack of buying interest from stockists and retailers. However, silver maintained its rising trend and firmed up by Rs 55 per kg on increased off take by industrial units. Standard gold (99.5 purity) eased by Rs 5 to close at Rs 29,235 per 10 grams from Monday's level of Rs 29,240.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 29,385 per 10 grams as against Rs 29,390 earlier. Silver (.999 fineness) rose by Rs 55 to end at Rs 38,925 from Rs 38,870 earlier.

Globally, Gold steadied amid a slightly weaker dollar, but the precious metal remained largely in a holding pattern as investors awaited central bank meetings, US payrolls data and the announcement of the next Federal Reserve chair. Spot gold was little changed at $1,275.69 per ounce at early trade.

Among other precious metals, silver edged up 0.1 per cent at $16.86 an ounce.