Gold Hits Nearly 1-Month Low On Global Cues


Gold prices slipped further by Rs 100 to trade at a nearly one-month low of Rs 29,650 per 10 grams at the bullion market on Saturday, largely in line with a weakening global trend.Silver also remained under selling pressure and shed Rs 50 at Rs 39,900 per kg.

Bullion traders said sentiment remained weak on the back of a subdued global trend amid speculation that the Federal Reserve will raise interest rates as soon as next month, curbing the appeal of the precious metals.

Globally, gold fell 0.22 per cent to $1,251.90 an ounce in New York on Friday.Sentiment was also dampened due to falling demand from jewellers as well as retailers at the domestic spot market, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 100 each to Rs 29,650 and Rs 29,500 per 10 grams, respectively – a level last seen on April 23.Sovereign also lost Rs 100 at Rs 23,100 per piece of 8 grams.

Following gold, silver ready traded lower by Rs 50 to Rs 39,900 per kg and weekly-based delivery by Rs 30 to Rs 39,840 per kg.Silver coins, however, held steady at Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.

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