Gold slips Rs 180 on weak global cues

By: | Published: May 12, 2016 9:02 PM

Tracking a weak trend in global market and easing demand from jewellers, gold prices retreated by Rs 180 per ten grams at the bullion market here today.

Gold, Silver, BullionTracking a weak trend in global market and easing demand from jewellers, gold prices retreated by Rs 180 per ten grams at the bullion market here today. (Reuters)

Tracking a weak trend in global market and easing demand from jewellers, gold prices retreated by Rs 180 per ten grams at the bullion market here today.

Silver too turned weak and dropped by Rs 555 per kg on reduced offtake by industrial units.

Standard gold (99.5 purity) declined by Rs 180 to finish at Rs 29,735 per 10 grams from Wednesday’s closing level of Rs 29,915.

Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 29,885 per 10 grams from Rs 30,065 earlier.

Silver (.999 fineness) slumped by Rs 555 per kg to conclude at Rs 41,265 as against Rs 41,820 yesterday.

Globally, yellow metal fell back below USD 1,270 an ounce as a strengthening dollar prompted some buyers to cash in gains after the metal posted its biggest daily rise this month in the previous session.

Spot gold was down 0.7 percent at USD 1,268.13 an ounce in early trade. The metal hit a 15-month high last week at USD 1,303.60, before slipping back below USD 1,300.

Spot silver was down 0.8 percent at USD 17.25 an ounce.

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