Gold prices extend slide on global cues

Mumbai-India (Dec 20)  Gold prices slipped at the bullion market on Tuesday on reduced demand from stockists and jewellers on the back of lower global cues.

Silver prices, too, cracked on speculative selling coupled with lower industrial demand. Standard gold (99.5 purity) fell by Rs65 per 10 grams to end at Rs27,350 from Monday’s closing level of Rs27,415. Pure gold (99.9 purity) also declined by a similar margin to finish at Rs27,500 per 10 grams as against Rs27,565 previously.

Silver (.999 fineness) fell by Rs340 to conclude at Rs39,380 per kg as against Rs39,720 previously. Globally, gold fell as the dollar rose and investors sold on expectations of stronger global economic growth and higher US interest rates.

Spot gold was down 0.4% to $1,133.25 an ounce in early trade. Last week it fell to $1,122.35, its lowest since early February.

US gold futures slipped 0.6% to $1,135.30 per ounce. Silver fell 0.6 % to $15.84 an ounce from an earlier $15.74, its lowest since April.

Source: LiveMint