Gold prices slip on muted demand, global cues
Mumbai: Gold prices plunged by Rs65 per 10 grams at the bullion market in Mumbai on Wednesday on slackened demand from jewellers and customers at existing higher levels and a weak trend overseas.
Silver prices, too, witnessed bouts of speculative selling amid lower industrial offtake.
Standard gold prices (99.5 purity) declined by Rs65 to end at Rs29,280 per 10 grams from Tuesday’s closing level of Rs 29,345.
Pure gold prices (99.9 purity) also fell by a similar margin to conclude at Rs29,430 per 10 grams as compared to Rs 29,495 previously. Silver prices (.999 fineness) dropped by Rs240 per kg to close at Rs 40,700 as against Rs 40,940 yesterday.
Globally, gold steadied near seven-month highs with sentiment still bullish due to a lower dollar and political uncertainty created by an election in Britain and a testimony by a former FBI director to the US Senate. Spot gold was down 0.1% at $1,292.55 an ounce at early trade. On Tuesday, it gained 1.1% to hit its highest level since November last year at $1,295.97.
Among other precious metals, silver ceded 0.4% to $17.6. an ounce.