Gold prices slip below Rs29,000 on subdued demand, global cues
Pure gold prices moved down by Rs95 to end at Rs29,055 per 10 grams as against Rs29,150 previously
Mumbai: Gold prices slipped below the Rs29,000-mark at the domestic bullion market here on Tuesday following selling by stockists coupled with subdued local buying interest amid bearish global cues.
Silver too dropped below the Rs42,000-mark owing to lack of industrial buying support. Standard gold (99.5 purity) fell by Rs95 to close at Rs28,905 per 10 grams from Monday’s closing level of Rs29,000.
Pure gold (99.9 purity) also moved down by a similar margin to end at Rs29,055 per 10 grams as against to Rs29,150 previously. Silver (.999 fineness) dipped by Rs600 to finish at Rs41,430 per kg as against Rs42,030 on Monday.
Globally, gold prices fell due to expectations of rising US interest rates and a higher dollar and improving sentiment for global economic growth, which means investors are likely to favour risk assets such as equities. Spot gold was down 0.5% at $1,187.4 an ounce in early trade. US gold futures slid 0.5 to $1,185.9 per ounce. Silver fell 0.5% to $16.54 an ounce.