Gold, silver slip on renewed selling, global cues
Mumbai:- Gold prices turned weak by Rs 115 per ten grams after a brief rebound at the bullion market here today due to fresh bouts of selling by speculative traders and investors amid bearish global cues.
Silver dropped owing to lack of industrial buying support.
Standard gold (99.5 purity) declined by Rs 115 to end at Rs 30,765 per 10 grams from Tuesday’s level of Rs 30,880.
Pure gold (99.9 purity) also moved down by a similar margin of Rs 115 to Rs 30,915 per 10 grams from Rs 31,030.
Silver (.999 fineness) dropped by Rs 450 to finish at Rs 46,580 per kg as compared to Rs 47,030 yesterday.
Globally, gold fell as European equities edged higher and the dollar hit a four-month high following strong U.S.
economic data, which raised expectations that the Federal Reserve may raise rates before the end of the year.
Spot gold was down USD 1,325.91 an ounce in early European trade and Spot silver fell to USD 19.75 an ounce.