Gold, silver lose lustre on global cues, muted demand
Gold fell by Rs 105 per 10 gram, silver down by Rs 435 per kg.
Mumbai: Gold prices fell by Rs 105 per 10 grams at the bullion market here on May 23, tracking a weak global trend amid easing demand from jewellers at prevailing levels. Silver, however, remained under selling pressure for the third straight day and shed another Rs 435 per kg.
Standard gold (99.5 purity) declined by Rs 105 to finish at Rs 29,650 per 10 grams from last Friday's closing level of Rs 29,755. Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 29,800 per 10 grams from Rs 29,905 earlier. Silver (.999 fineness) slumped by Rs 435 per kg to conclude at Rs 39,960 as against Rs 40,395 previously.
Globally, gold dipped to a near three-week low on expectations the Federal Reserve will hike interest rates as early as June. Spot gold was down 0.2 percent at USD 1,249.96 an ounce at early trade, not far from USD 1,244 touched last week, the lowest since April 28. U.S. gold futures also dipped 0.2 per cent to USD 1,250.60. Spot silver also dropped 0.8 percent to USD 16.34 an ounce.