Gold fails to sparkle on Dhanteras, ends lower by Rs245 in Mumbai
Gold prices declined by Rs245 to close at Rs29,615 per 10 grams from Monday's closing level of Rs29,860 in Mumbai
Mumbai: Gold failed to sparkle on auspicious ‘Dhanteras’ as prices drifted lower by Rs245 to Rs29,615 per 10 grams at the bullion market in Mumbai on Tuesday despite token buying by jewellers and retailers amid weak global cues.
Silver too dropped on speculative profit-booking after its recent rally on the back of reduced industrial buying. Standard gold (99.5% purity) declined by Rs245 to close at Rs29,615 per 10 grams from Monday’s closing level of Rs29,860. Pure gold (99.9% purity) also went down by a similar margin to finish at Rs29,765 per 10 grams as against Rs30,010 previously.
Silver (.999 fineness) fell by Rs540 per kg to end at Rs39,570 as against Monday’s level of Rs40,110. Globally, gold prices fell to a near one-week low on speculation that the eventual successor to US Federal Reserve chair Janet Yellen will favour higher interest rates, denting bullion’s appeal.
Spot gold was down 0.3% at $1,289.66 an ounce at early trade, while US gold futures for December delivery slipped 0.9% to $1,291.70 per ounce. Silver fell 0.4% to $17.12 an ounce.
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