Gold prices slip on global cues
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Mumbai: Gold prices slipped from its two session gains at the bullion market here today following reduced demand from stockists and investors driven by lower global cues.
Ease in local buying interest at the existing levels also contributed to the lows.
Silver also declined owing to speculative selling and lower industrial buying.
Standard gold (99.5 purity) fell by 145 per ten grams to close at Rs 28,685 from Tuesday’s closing level of 28,830. Pure gold (99.9 purity) also dropped by a similar margin to conclude at 28,835 from Rs 28,980 per 10 grams previously.
Silver (.999 fineness) slid by 245 per kilo to end at Rs 42,510 from Rs 42,755.
In London, Gold fell, pressured by a firmer dollar and as some investors sold to redeem profits after bullion’s recent challenge to the upside.
Spot gold declined 0.24% to $1,251.81 per ounce in early trade. Spot silver was also dropped 0.4% to $ 18.19 an ounce.