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Gold prices fall on global cues

LiveMint logoLiveMint 01-03-2017 PTI

Mumbai: Gold prices declined further by Rs95 to Rs29,480 per 10 grams at the domestic bullion market on Wednesday due to reduced demand from jewellery stockists amid bearish global cues.

While, silver recovered smartly to reclaim Rs44,000-mark up Rs 335 per kg to Rs 44,075 following robust industrial offtake. Standard gold (99.5 purity) declined by Rs 95 to end at Rs 29,480 per 10 grams from Tuesday’s close of Rs 29,575.

Pure gold (99.9 purity) also fell by a similar margin to conclude at Rs 29,630 per 10 grams compared to Rs 29,725 previously.

However, Silver (.999 fineness) rose by Rs 335 to finish at Rs 44,075 per kg as against Rs 43,740 earlier. Globally, gold fell in early European trade as the dollar gained after comments from US Federal Reserve officials raised expectations of an interest rate hike in March and overshadowed President Donald Trump’s first major policy speech to Congress.

Also Read| Global gold prices fall on hawkish comments by US Federal Reserve

Spot gold dropped to $ 1,244.86 an ounce in early trade, heading for a third straight day of losses while, Spot silver rose to $18.39 an ounce.

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