Gold continues to slide on weak global cues, muted demand
Silver also dropped on lack of demand from industrial users.
Gold prices drifted lower by Rs 75 per 10 grams, extending its slide for the third straight day at the bullion market in tandem with weak global cues amid muted demand from local jewellers. Silver also dropped on lack of demand from industrial users.
Standard gold (99.5 per cent purity) declined by Rs 75 to close at Rs 30,670 per 10 grams from Monday's closing level of Rs 30,745. Pure gold (99.9 per cent purity) also fell by the same amount to close at Rs 30,820 per 10 grams compared to Rs 30,895 earlier. Silver (.999 fineness) dropped Rs 115 per kg to conclude at Rs 39,295 from Rs 39,410, previously.
Globally, gold prices were little changed as investor focus shifted to bullish global economic fundamentals and away from trade concerns, helping lift equities and keeping the dollar steady near a six month high. Spot gold was flat at USD 1,292.23 per ounce at early trade. In other precious markets, silver stood at USD 16.39 an ounce.