ET: Gold prices declines on stockist offerings, silver edges up
MUMBAI: Gold reacted downwards at the bullion market on fresh offerings by stockists and speculative selling as well as subdued demand amidst bearish trend in Europe.
"Investors are once again moving to riskier assets like stocks for immediate gains instead of yellow metal, traders said.
Meanwhile, silver edged up on mild industrial support. Standard gold (99.5 purity) declined by Rs 60 per 10 grams to close at Rs 17,810 from last weekend's level of Rs 17,870.
Pure gold (99.9 purity) also fell by Rs 65 per ten grams to end at Rs 17,900 from Rs 17,965 previously.
However, silver ready (.999 fineness) moved up by Rs 15 per kilo to finish at Rs 29,225 as against Rs 29,210 previously.
In Europe, Spot gold was bid at $1,177.65 an ounce in early trade as against $1,181.50 late in New York on Friday.
