Gold prices fall for fifth straight session on subdued demand
Mumbai: Gold weakened for the fifth straight session at the domestic bullion market in Mumbai on Tuesday owing to slackened demand at prevailing levels amid steady global cues.
Silver also continued its downfall on sluggish industrial demand.
Standard gold (99.5 purity) moved down by Rs 135 per 10 grams to finish at Rs 28,265 from last Friday’s closing level of Rs 28,400. Pure gold (99.9 purity) also dipped by a similar margin to end at Rs 28,415 per 10 grams compared to Rs 28,550 previously.
Silver (.999 fineness) dropped by Rs 185 to finish at Rs 40,880 per kg from Rs 41,065 previously.
Globally, gold prices steadied as expectations of an interest rate rise by the US Federal Reserve boosted the dollar, while political risks in Europe kept losses in check by boosting the metal’s safe-haven appeal.
The dollar index climbed by about 0.3%, making dollar-priced gold costlier for non-US investors. Spot gold was mostly unchanged at $1,203.42 per ounce at early trade. Silver inched up 0.1% to $16.95 per ounce.