Gold, silver prices slip on reduced demand

By: |
Mumbai | June 17, 2016 7:51 PM

Globally, gold rose in early trade, supported by a softer dollar, and was heading for a third week of gains following a cautious note from the Federal Reserve on rates and uncertainty ahead of Britain's vote on European Union membership.

Gold and Silver prices dropped because of reduced demands. (Reuters)Gold and Silver prices dropped because of reduced demands. (Reuters)

After overnight gains, gold slipped at the domestic bullion market here today on reduced demand from jewellery stockist and retailers.

Silver too followed the yellow metal and dropped Rs 780 per kg on speculative selling following subdued off take by industrial units.

Standard gold (99.5 purity) fell by Rs 340 to close at Rs 29,910 per 10 grams from Thursday’s level of Rs 30,250.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 30,060 per 10 grams as against Rs 30,400 yesterday.

Silver (.999 fineness) slumped by Rs 780 to conclude at Rs 41,560 as compared to Rs 42,340 previously.

Globally, gold rose in early trade, supported by a softer dollar, and was heading for a third week of gains following a cautious note from the Federal Reserve on rates and uncertainty ahead of Britain’s vote on European Union membership.

Gold, often seen as an insurance in times of financial and economic uncertainty, peaked at $1,315.55 yesterday, its strongest since August 2014.

Spot gold was up at $1,285.01 an ounce in early European trade and spot silver was also up $17.35 an ounce.

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