Gold prices slip on subdued demand, weak global cues
Standard gold prices slipped by Rs160 to conclude at Rs29,035 per 10 grams
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Mumbai: Gold prices on Tuesday slipped after recent gains at the domestic bullion market on stockist and investors selling amid subdued local buying driven by bearish overseas cues.
Elsewhere, silver declined following hectic speculative selling amid reduced industrial offtake.
Standard gold (99.5 purity) slipped by Rs160 to conclude at Rs29,035 per 10 grams from its overnight closing value of Rs29,195.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs29,185 per 10 grams as compared to Rs 29,345 earlier.
Silver (.999 fineness) dropped by Rs340 per kg to settle at Rs42,840 from Monday’s finish of Rs 43,180.
Globally, gold hit a three-week low as expectations for a US interest rate hike this month weighed, but moves were muted as markets awaited US data this week and more pointers on the Trump administration’s economic plans.
Spot gold was down 0.2% at $1,223.73 an ounce at early trade, having earlier touched its lowest since 15 February at $1,222.29 an ounce.
Silver was down 0.5% at $17.70 an ounce.