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Last Updated : May 14, 2018 07:14 PM IST | Source: PTI

Gold, silver slip on reduced demand

Gold prices today slipped by Rs 25 to Rs 31,440 per 10 grams at the bullion market here due to subdued demand from stockists and retailers despite higher global cues. Silver prices too declined by Rs 250 to Rs 40,040 per kg following reduced offtake from industrial units.

Gold prices today slipped by Rs 25 to Rs 31,440 per 10 grams at the bullion market here due to subdued demand from stockists and retailers despite higher global cues. Silver prices too declined by Rs 250 to Rs 40,040 per kg following reduced offtake from industrial units.

Traders said fading demand from local jewellers and retailers at current higher levels led to fall in precious metals, though a firm overseas trend capped the losses.

Standard gold (99.5 percent purity) prices eased by Rs 25 to end at Rs 31,440 per 10 grams as against last Friday's closing level of Rs 31,465.

Pure gold (99.9 percent purity) rates also moved down by a similar margin to finish at Rs 31,590 per 10 grams as against Rs 31,615 previously.

Silver (.999 fineness) prices dropped by Rs 250 to conclude at Rs 40,040 per kg as compared to Rs 40,290 last Friday.

Globally, gold prices edged higher as the dollar retreated from its 2018 peak after subdued US inflation data last week highlighted the prospects of fewer US interest rate hikes than previously expected this year.

Spot gold was up at USD 1,320.52 an ounce in early European trade having touched USD 1,325.96 last Friday, its highest level since April 26.

Among other precious metals, Silver was also trading up 0.3 percent at USD 16.67 an ounce.
First Published on May 14, 2018 03:58 pm
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