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Gold declines on global cues, silver rebounds

Mumbai, May 17 (PTI) Gold prices declined further by Rs 105 to Rs 30,830 per ten grams at the bullion market here due to subdued demand from stockists and retailers amid bearish global cues.

Traders said, besides fall in demand from local jewellers and retailers at the domestic spot market, a weak trend overseas, kept pressure on the gold prices.

While, silver prices recovered by Rs 210 to Rs 39,595 per kg owing to renewed offtake from industrial units.

Standard gold (99.5 per cent purity) eased by Rs 105 to end at Rs 30,830 per 10 grams from Wednesday's closing level of Rs 30,935.

Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,980 per 10 grams as against Rs 31,085 yesterday.

However, silver (.999 fineness) rose by Rs 210 to finish at Rs 39,595 per kg compared to Rs 39,385 previously.

Globally, gold slid back towards its low for the year as another rise in the US bond yields and concerns over political risk in Italy held the dollar index near its 2018 peak.

Spot gold was down at USD 1,288.96 an ounce in early European trade, close to the previous day's four-and-a half-month low of USD 1,286.20. US gold futures for June delivery were trading down at USD 1,288.10.

Among other precious metals, silver was up 0.3 per cent at USD 16.40 an ounce, having touched its lowest in two weeks at USD 16.17 in the previous session. PTI ARR SBT


Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.

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