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Gold slips below 31,000 on global cues; silver edges up

Press Trust of India  |  Mumbai 

prices slipped by Rs 180 to Rs 30,830 per 10 grams at the market today following a reduced demand from stockists and retailers amid bearish global cues.

Traders said weak demand from local jewellers and retailers at domestic spot market and weak trend overseas largely led to subdued sentiment.

However, silver prices edged up by Rs 30 to Rs 40,255 per kg on mild offtake by industrial units and coin makers.

Standard (99.5 per cent purity) fell by Rs 180 to end at Rs 30,830 per 10 grams from last Friday's closing level of Rs 31,010.

Prices of pure (99.9 per cent purity) also moved down by a similar margin to finish at Rs 30,980 per 10 grams as against Rs 31,160, earlier.

However, silver (.999 fineness) rose by Rs 30 to conclude at Rs 40,255 per kg as against Rs 40,225, previously.

Globally, gold rates dipped, under-pressure due to a firmer dollar and worries that the will signal a tighter future monetary policy at a meeting this week.

Spot gold was down at USD 1,295.35 per ounce at early European trade, while US gold futures for August delivery were lower at USD 1,299.20 per ounce.

In other precious metals, silver gained to USD 16.77 an ounce, after hitting a seven-week high of USD 16.93 earlier in the session.

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

First Published: Mon, June 11 2018. 18:55 IST