Gold, silver drop on reduced demand, global cues
Mumbai, May 16 (PTI) Gold prices dropped further by Rs 485 to Rs 30,935 per 10 grams at the bullion market here due to reduced demand from stockists and retailers amid bearish global cues.
Silver prices too dipped by Rs 420 to Rs 39,385 per kg following persistent offtake from industrial units.
Standard gold (99.5 per cent purity) fell by Rs 485 to finish at Rs 30,935 per 10 grams from Tuesday's closing level of Rs 31,420.
Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 31,085 per 10 grams as against Rs 31,570 yesterday.
Silver (.999 fineness) prices declined by Rs 420 to conclude at Rs 39,385 per kg compared to Rs 39,805 previously.
Globally, gold steadied after a surge in the dollar and US bond yields in the previous session had pushed prices down 1.7 per cent to their lowest this year.
Yesterday's fall was the biggest since November 2016. Gold crashed below its technically important 200-day moving average and the psychologically significant USD 1,300 mark to USD 1,288.31, the weakest since December 28.
Spot gold was up at USD 1,290.86 an ounce in early European trade, while US gold futures for June delivery were trading flat at USD 1,290.30.
Among other precious metals, silver was up 0.2 per cent at USD 16.26 an ounce after falling 1.6 per cent yesterday. PTI ARR SBT
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