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Gold slips, silver advances for sixth day

Press Trust of India  |  Mumbai 

prices slipped marginally by Rs 10 to Rs 30,865 per 10 grams at the market here today following lower demand from stockists and retailers amid bearish global cues.

Silver prices surged for the sixth straight session by Rs 185 to Rs 40,580 per kg following sustained offtake by industrial units and coin makers.

Standard (99.5 per cent purity) eased by Rs 10 to end at Rs 30,865 per 10 grams from Tuesday's closing level of Rs 30,875.

Pure (99.9 per cent purity) also moved down by a similar margin to close at Rs 31,015 per 10 grams against Rs 31,025, earlier.

However, silver (.999 fineness) climbed by Rs 185 to conclude at Rs 40,580 per kg compared to Rs 40,395, yesterday.

Globally, gold edged lower pressured by a slightly stronger dollar but activity was muted ahead of a Federal Reserve policy announcement that could trigger a sharp move in prices.

Investors expect the Fed to raise interest rates but want to know if it intends to tighten policy four times in 2018 or three times, as it indicated earlier this year.

Spot gold was down at USD 1,294.70 an ounce in early European trade. The US gold futures for August delivery also dipped by 0.1 per cent, slipping to USD 1,298.10.

In other precious metals, silver went up by 0.1 percent at USD 16.88 an ounce after hitting a seven-week high of USD 16.95 yesterday.

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

First Published: Wed, June 13 2018. 18:30 IST