scorecardresearch

Gold slips on subdued demand, silver gains

Gold prices slipped from its recent gains at the domestic bullion market today on stockist and investors’ selling as well as subdued local buying amid bearish global cues.

gold price
Spot gold gained 0.2 percent to $1,236.60 an ounce by 0309 GMT, after rising 0.4 percent in the previous session. Gold prices are inversely tracking moves in the equity markets. (Reuters)
gold price
Standard gold (99.5 purity) fell by Rs 110 to close at Rs 25,990 per 10 grams from Monday’s level of Rs 26,100. (Reuters photo)

Gold prices slipped from its recent gains at the domestic bullion market today on stockist and investors’ selling as well as subdued local buying amid bearish global cues.

While, silver gained further following sustained speculative offtake and industrial demand.

Standard gold (99.5 purity) fell by Rs 110 to close at Rs 25,990 per 10 grams from Monday’s level of Rs 26,100.

Pure gold (99.9 purity) also declined by a similar margin to end at Rs 26,140 per 10 grams as compared to Rs 26,250 previously.

However, Silver (.999 fineness) climbed by Rs 195 per kg to conclude at Rs 34,435 against Rs 34,240 yesterday.

Globally, gold edged lower as the dollar and equity markets rose after data showing China’s weakest economic growth in years fanned stimulus hopes and spurred investors towards riskier assets.

Spot gold was down at USD 1,087.20 an ounce in early European trade, after a lethargic session yesterday when US markets was shut for the Martin Luther King holiday. While, Silver rose by USD 14.00.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.