Gold prices extend losses on global cues, muted demand
Standard gold prices fell by Rs75 to close at ₹29,065 per 10 grams from Tuesday's level
Mumbai: Amid a weak trend overseas and easing demand from jewellers at existing levels, gold fell for a second straight day and lost Rs75 per ten grams at the bullion market in Mumbai on Wednesday.
Silver followed suit and slipped due to reduced offtake by industrial units. Standard gold (99.5% purity) fell by ₹ 5 to close at ₹ 29,065 per 10 grams from Tuesday’s level of ₹ 9,140. Pure gold (99.9% purity) also moved down by a similar margin to finish at ₹ 9,215 per 10 grams as against ₹ 9,290 earlier.
Silver (.999 fineness) moved down by Rs30 per kg to conclude at Rs42,910 as against Rs42,940 on Tuesday. Globally, gold slipped, erasing the previous day’s slim gains, after Federal Reserve Chair Janet Yellen’s suggestion that US interest rates could rise sooner rather than later drove the dollar to a three and a half high.
Spot gold was down 0.2% at $1,225.49 an ounce at early trade. Among other precious metals, silver was down 0.7% at $17.82 an ounce, off the previous session’s three-month high of $18.07.
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