Gold slips on global cues, silver weakens

Mumbai: Gold prices slipped at the domestic bullion market here today on subdued offtake from stockists and jewellers coupled with lack of local buying interests as well as weak global cues.

Silver too fell further on sustained speculative selling and lack of industrial buying support. Standard gold (99.5 purity) declined by Rs 65 to close at Rs 31,220 per 10 grams from Thursday’s finish of Rs 31,285.

Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 31,370 per 10 grams as compared to Rs 31,435 yesterday. Silver (.999 fineness) fell by Rs 420 to end at Rs 47,040 from Rs 47,460 earlier.

Globally, gold edged lower, as global stocks surged and the dollar firmed on renewed expectations of a rate hike by the US Federal Reserve this year. In London, spot gold was down 0.1 percent at USD 1,336.71 an ounce in early trade, while US gold slipped 0.6 per cent to USD 1,342.20 an ounce. Spot silver fell 0.7 per cent to USD 19.79 an ounce.

PTI