Gold prices fall on global cues
Mumbai: Gold prices slipped on Tuesday at the domestic bullion market in Mumbai on Tuesday on weak global cues as well as fall in domestic demand from local jewellers.
Silver too lost sheen owing to lack of industrial buying support. Standard gold (99.5 purity) dropped by Rs 45 to end at Rs 28,495 per 10 grams from Monday’s closing level of Rs 28,540.
Pure gold (99.9 purity) also moved down by a similar margin to conclude at Rs 28,645 per 10 grams as compared to Rs 28,690 previously.
Silver (.999 fineness) fell by Rs 95 per kg to close at Rs 38,260 as against Rs 38,355 yesterday.
Globally, Gold prices edged down from the highest levels in almost seven weeks as the dollar rose and investors locked in profits from bullion’s rally last month. Spot gold dipped 0.1% to USD 1,267.52 per ounce at early trade.
It rose 2.2% last month, its biggest monthly gain since February. US gold futures for August were unchanged at $1,266.60 per ounce. In other precious metals, silver rose 0.1% to USD 16.79 per ounce.