Gold prices slip on global cues
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Mumbai: Falling for the second straight day, gold prices drifted lower, in line with a weak trend overseas amid muted demand from jewellers and customers at the domestic bullion market in Mumbai on Thursday. Silver prices followed suit and eased by Rs15 per kg due to reduced off-take by industrial units.
Standard gold prices (99.5 purity) declined by Rs 115 to end at Rs 29,165 per 10 grams from Wednesday’s closing level of Rs 29,280. Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 29,315 per 10 grams as compared to Rs 29,430 previously.
Silver (.999 fineness) dropped by Rs 15 per kg to close at Rs 40,685 as against Rs 40,700 yesterday. Globally, gold drifted as investors stayed on the sidelines waiting for the outcome of the European Central Bank meeting, Britain’s national election and testimony from the former US FBI director James Comey.
Spot gold was down 0.2% at $1,283.76 per ounce at early trade. In other precious metals, silver rose 0.4 per cent to $17.63.