Gold & Silver

Gold, silver slide further on weak global cues

PTI | | Updated on: Jan 22, 2018

gold-jewellery-2 | Photo Credit: P V Sivakumar

Gold extended its slide for the second straight day as prices tumbled by Rs 195 to Rs 25,615 per 10 grams at the bullion market today, taking weak cues from the global market and easing demand from jewellers.

Silver also fell by Rs 150 to Rs 34,100 per kg on poor offtake by industrial units and coin makers.

Bullion traders said a weakening global trend where gold fell to the lowest in five years after speculation that US policy makers will raise interest rates next month helped boost the dollar, curbing the metal’s appeal as an alternative asset.

Besides, muted demand from jewellers and retailers on the domestic front weighed on the precious metals, they said.

Globally, gold declined 1.3 per cent to settle at $1,056.20 an ounce in New York in yesterday’s trade. Earlier, the price fell to $1,051.60, the lowest since February 2010. Silver also fell 0.9 per cent to $14.04 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped Rs 195 each to Rs 25,615 and Rs 25,465 per 10 grams, respectively. The precious metal had shed Rs 10 yesterday.

Sovereign followed suit and eased by Rs 100 to Rs 22,100 per piece of eight gram.

Tracking gold, silver ready declined by Rs 150 to Rs 34,100 per kg and weekly—based delivery by Rs 125 to Rs 33,700 per kg.

Published on November 28, 2015
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