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Gold, silver prices slide on global worries

Press Trust of India  |  Mumbai 

Gold prices tumbled by Rs 170 per ten gram at the bullion market here today, tracking a weak trend overseas amid muted demand from local jewellers.

While, silver to dipped and lost Rs 890 per kg on reduced offtake by industrial demand.

Standard gold (99.5 purity) dropped by Rs 170 to end at Rs 28,370 per 10 grams from last Friday's closing level of Rs 28,540.

Pure gold (99.9 purity) also moved down by a similar margin to Rs 28,520 per 10 grams as compared to Rs 28,690 earlier.

Silver (.999 fineness) dipped by Rs 890 per kg to conclude at Rs 37,060 as against Rs 37,950 earlier.

Globally, Gold prices were little changed, failing to gain support from a weaker dollar as investors digested sharp losses in the previous session and worried about further US rate hikes.

Spot gold was down 0.1 per cent at USD 1,256.89 per ounce at early trade.

In other precious metals, silver fell 0.3 per cent to USD 16.18 per ounce, after sinking to USD 16.12, the lowest since July 20.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 18:57 IST