Gold slips on global cues, muted demand

Gold eased by ₹30 to ₹30,630 per 10 gram on Tuesday, driven by a subdued global trend amid tepid demand from local jewellers.

Silver too plunged by ₹335 to ₹38,715 per kg due to poor offtake by industrial units and coin makers.

Marketmen said sentiment remained downbeat in tune with a weak trend overseas where gold prices hit 17-month low yesterday, losing out to the U.S. Treasuries and a stronger dollar as investors sought refuge from a financial market rout triggered by a crashing Turkish lira.

Globally, gold fell 1.49% to USD 1,193.10 an ounce and silver by 2.03% to USD 14.97 an ounce in New York in Monday’s trade.

Furthermore, sluggish demand from local jewellers and retailers at domestic spot market fuelled the downtrend, they said.

In the national capital, gold of 99.9% and 99.5% purity fell by ₹30 each to ₹30,630 and ₹30,480 per 10 gram, respectively. The precious metal had lost ₹40 in Monday’s trade.

Sovereign however remained unaltered at ₹24,600 per piece of eight gram in limited deals.

In sync with gold, silver ready dropped by ₹335 to ₹38,715 per kg and weekly-based delivery by ₹310 to ₹37,740 per kg.

On the other hand, silver coins held steady at ₹73,000 for buying and ₹74,000 for selling of 100 pieces.

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