Gold prices drop for 6th session on sluggish demand
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Mumbai: Gold prices dropped for the sixth session at the domestic bullion market in Mumbai due to reduced buying from stockists and retailers in spite of global higher cues. Silver also moved down owing to lack of buying support from industrial users.
Standard gold (99.5%) slumped by Rs200 to finish at Rs28,065 per 10 grams from Tuesday’s closing level of Rs28,265. Pure gold (99.9%) also dropped by a similar margin to conclude at Rs28,215 per 10 grams as against Rs 28,415 earlier.
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Silver (.999 fineness) dropped by Rs240 per kg to end at Rs40,640 compared to Rs 40,880 previously.
In global trade, gold prices edged up on safe-haven buying due to uncertainty over the outcome of Dutch elections, while markets waited for clues on the pace of US interest rate hikes this year.
Spot gold edged up 0.4% to $1,203.31 per ounce in early trade. Spot silver rose 0.5% to $16.92 an ounce.