Gold dips on bearish global trend

Gold dips on bearish global trend

Mumbai: Gold prices fell on the bullion market here on Monday on heavy offering by stockists triggered by bearish trend in global markets, including Asia.

“Today’s fall is solely due to the yellow metal’s bearishness across the globe and lower local buying interest because of current high price," traders said.

Silver, too, declined on the back poor industrial demand.

Standard gold (99.5 purity) grams to finish at Rs18,405 from Saturday’s closing level of Rs18,510.

Pure gold (99.9 purity) dipped by Rs110 per ten grams to Rs18,490 against previous closing of Rs18,600.

Silver ready (.999 fineness) declined by Rs90 per kilo to Rs29,750 from the last weekend’s closing level of Rs29,840.

Trading in the yellow metal was thin in the US and UK markets due to a bank holiday.

Gold edged down in Asia on Monday as euro steadied against US dollar, but Europe’s debt worries underpinned sentiment after Spain’s credit ratings were downgraded.