Gold declines on lower demand, silver recovers

MUMBAI: Gold prices fell to nearly two week low at the bullion market here today on further selling by stockists and investors amid dull retail demand.

In contrast, silver recovered moderately on renewed speculative off-take as well as mild industrial demand.

Standard gold of 99.5 per cent purity moved down by Rs 45 per 10 gm to close at Rs 30,210 from Tuesday's closing level of Rs 30,255.

Pure gold of 99.9 per cent purity also eased by Rs 50 per 10 gm to finish at Rs 30,345 from Rs 30,395.

However, silver ready (.999 fineness) gained by Rs 250 to conclude at Rs 58,350 per kg from Rs 58,100 previously.

Overseas, gold traded sluggish in thin trading as investors continued to remain sidelined ahead of G20 meeting later this week and Chinese Lunar New Year holiday's.

In Europe, spot gold bid lower at USD 1,647.80 an ounce in early trade.