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  1. Gold, silver drop on weak global cues

Gold, silver drop on weak global cues

Globally, gold fell 1% as buyers cashed in gains from the metal's biggest two-day rally since late 2008, made in the wake of Britain's referendum to quit the EU.

By: | Mumbai | Published: June 28, 2016 7:51 PM
silver reuters l Gold and silver dropped on prices. (Reuters)

After rising for two days, gold prices went down by Rs 335 per 10 grams at the bullion market here today, tracking a weak global trend amid slackened demand from traders and stockists.

Elsewhere, silver also fell further by Rs 420 per kg on reduced off take by industrial units.

Standard gold (99.5 purity) dropped by Rs 335 to end at Rs 30,560 per 10 grams from Monday’s close of Rs 30,895.

Pure gold (99.9 purity) also shed by a similar margin to finish at Rs 30,710 per 10 grams as against Rs 31,045.

Silver (.999 fineness) also dipped by Rs 420 per kg to conclude at Rs 42,260 from Rs 42,680 yesterday.

Globally, gold fell 1 per cent as buyers cashed in gains from the metal’s biggest two-day rally since late 2008, made in the wake of Britain’s referendum to quit the European Union last week.

Spot gold was down 0.9 per cent at $1,311.93 an ounce in early trade, while US gold futures for August delivery were down $9.20 an ounce at $1,315.50.

Among other precious metals, spot silver was down 0.3 pct at $17.67 an ounce.

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