Free Press Journal

Gold eases, silver drops on global cues

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Gold, Silver

Mumbai: Snapping its two-day rising streak, gold prices eased at the domestic bullion market here today owing to lack of demand from stockists and retailers on the back of lower overseas cues. Elsewhere, silver too encountered hectic profit-selling from speculative traders after recent sharp rally.

Standard gold (99.5 purity) declined by Rs 70 to close at Rs 26,895 per 10 grams from Thursday’s close of Rs 26,965. Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 27,045 per 10 grams as compared to Rs 27,115 earlier. Silver (.999 fineness) dipped by Rs 230 to conclude at Rs 37,620 per kg as against Rs 37,850 yesterday.

In worldwide trade, gold fell in early trade as a recovering dollar pulled prices from 3-1/2 month highs, but doubts over whether the Federal Reserve will press ahead with a US rate rise this year kept the metal on track for a second weekly rise. Spot was down at USD 1,176.83 an ounce in early European trade and silver also quoted lower at USD 16 an ounce.