Gold prices dipped by Rs90 to trade at over four-month low of Rs25,525 per 10 grams, extending its slide for the third straight day at the bullion market on Monday, tracking a weakening global trend and muted demand from jewellers. Photo: Bloomberg
Gold prices dipped by Rs90 to trade at over four-month low of Rs25,525 per 10 grams, extending its slide for the third straight day at the bullion market on Monday, tracking a weakening global trend and muted demand from jewellers. Photo: Bloomberg

Gold slips to over 4-month low on global cues, muted demand

In the national capital, gold of 99.9% and 99.5% purity fell further by Rs90 each to Rs25,525 and Rs25,375 per 10 grams, respectively, a level last seen on 21 July

New Delhi: Gold prices dipped by 90 to trade at over four-month low of 25,525 per 10 grams, extending its slide for the third straight day at the bullion market on Monday, tracking a weakening global trend and muted demand from jewellers. Silver too remained under selling pressure and shed another 100 at 34,000 per kg.

Bullion traders said a weak global trend where gold traded at over five-year low as the US Federal Reserve expected to hike interest rates next month, helped boosting the dollar, curbing demand for the precious metals as an alternative, induced sentiment.

Globally, gold fell 0.1% to $1,056 an ounce, after dropping on Friday to $1,052.83, the lowest level since February 2010 in Singapore. At London, it traded a shade lower at $1056.40 an ounce in early trade on Monday.

Besides, slackened demand from jewellers and retailers weighed on the prices. In the national capital, gold of 99.9% and 99.5% purity fell further by 90 each to 25,525 and 25,375 per 10 grams, respectively, a level last seen on 21 July. The precious metals had lost 205 in the precious two days. Sovereign, however, edged up by 100 to 22,200 per piece of eight grams.

Tracking gold, silver ready eased by 100 to 34,000 per kg and weekly-based delivery by 120 to 33,580 per kg. Meanwhile, silver coins held steady at 48,000 for buying and 49,000 for selling of 100 pieces.

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