Free Press Journal

Gold, silver extend fall on global cues

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Mumbai: Gold prices eased further at the domestic bullion market today on sustained selling from stockists and investors amid mild retail offtake on the back of bearish global cues. Elsewhere, silver extended its fall due to hectic speculative unwinding coupled with lack of industrial demand. Standard gold (99.5 purity) declined by Rs 50 to end at Rs 26,245 per 10 grams from Monday’s closing level of Rs 26,295.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 26,395 per 10 grams as compared to Rs 26,445 previously. Silver (.999 fineness) dropped by Rs 300 to settle at Rs 37,825 per kg as against Rs 38,125 yesterday.

At overseas markets, London gold fell in early trade and was heading for a third straight quarterly fall, pressured by a strong dollar and expectations the US Federal Reserve will increase interest rates this year. Spot gold was down by USD 1,179.61 an ounce and spot silver fell to USD 16.51 an ounce in early European trade.