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Gold, silver fall on global cues, reduced demand

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gold silverMumbai:- Gold prices fell by Rs 280 per 10 grams at the bullion market here today, largely in tandem with a weakening trend overseas amid reduced demand from stockists and retailers.

Elsewhere, silver too dropped and lost Rs 340 per kg due to poor offtake by industrial units.

Standard gold (99.5 purity) dipped by Rs 280 to end at Rs 30,800 per 10 grams from Wednesday’s closing level of Rs 31,080.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 30,950 per 10 grams against Rs 31,230 earlier.

Silver (.999 fineness) slipped by Rs 340 per kg to conclude at Rs 47,140 as compared to Rs 47,480 yesterday.

On the global front, gold fell more than one percent, as the dollar strengthened against the yen and global equities reached eight-month highs ahead of a widely anticipated Bank of England policy meeting.

Spot gold fell as much as 1.3 percent to USD 1,324.38 an ounce, the lowest since July 1 and was down 1.1 percent at USD 1,327.68 in early European trade.

Silver edged down 0.7 percent to USD 20.21 an ounce.

PTI

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