Gold slips by Rs 200 on low demand, global cues

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Mumbai, June 21 (PTI): Gold prices slumped by Rs 200 to Rs 30,420 per ten grams for the second day, maintaining a sluggish trend overseas amid easing demand from local jewellers.

Silver was also in a tight spot for the fourth session, easing another Rs 80 to Rs 39,455 per kg. Standard gold (99.5 per cent purity) declined by Rs 200 to end at Rs 30,420 per ten grams from Wednesday’s closing level of Rs 30,620.

Pure gold (99.9 per cent purity) also moved down by a similar margin to finish at Rs 30,570 per ten grams as compared to Rs 30,770 on Wednesday.

Silver (.999 fineness) eased by Rs 80 to end at Rs 39,455 per kg as against Rs 39,535 on Wednesday.

Globally, gold prices went down to six-month lows as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States.

Spot gold was trading down 0.4 per cent at USD 1,262.78 an ounce in early trade. Silver fell 0.6 per cent to USD 16.17 an ounce.

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