Gold, silver drop on global cues

Gold, silver drop on global cues

MUMBAI: Gold prices slipped by Rs 95 to Rs 30,050 per ten grams at the bullion market here on Friday due to lack of buying interest from stockists and retailers amid a weak trend overseas.
Silver followed suit and lost Rs 90 per kg on lack of buying support from industrial units. Standard gold (99.5 per cent purity) dipped by Rs 95 to close at Rs 30,050 per 10 grams from Thursday’s level of Rs 30,145.
Pure gold (99.9 per cent purity) also moved down by the same amount to finish at Rs 30,200 per 10 grams as against Rs 30,295 earlier.
Silver (.999 fineness) fell by Rs 90 per kg to finish at Rs 38,675 as compared to Rs 38,765 previously.
Globally, gold prices slid to their lowest in more than a week as the dollar rose due to easing trade tensions and weak demand for the precious metal due to expectations of higher interest rates in the United States. Spot gold was down 0.5 per cent at USD 1,240.3 an ounce in early trade. Silver fell 0.6 per cent to USD 15.80 an ounce.

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