Gold prices fall on reduced demand
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Mumbai: Gold prices slipped further to close below the Rs 29,000-mark at the domestic bullion market on Wednesday due to poor offtake by stockists amid bearish overseas cues.
Elsewhere, silver also dipped further owing to subdued demand from consuming industries. Standard gold (99.5 purity) slipped by Rs 190 to end at Rs 28,845 per 10 grams from its overnight closing of Rs 29,035. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,995 per 10 grams as compared to Rs 29,185 earlier.
Silver (.999 fineness) declined by Rs 540 per kg to settle at Rs 42,300 from Tuesday’s finish of Rs 42,840. Globally, gold prices hit a four-week low on Wednesday as the dollar gathered strength on the prospect of a US interest rate hike.
Spot gold fell 0.26% to $1,212.45 per ounce in early trade, after touching its lowest since 3 February at $1,210.92, putting it on track for its fifth straight session in the red.
Silver edged down by 0.7% to $17.37 per ounce, after touching $ 17.34, its lowest since 6 February.