Gold, silver drop on global cues

Extending its losses, gold dropped by Rs 195 per 10 grams at the bullion market today following reduced investor demand and jewellery offtake amid lower global cues.

Silver too continued its downtrend and fell by Rs 420 per kg due to subdued demand by industrial units and coin makers.

Standard gold (99.5 purity) declined by Rs 195 to finish at Rs 29,500 per 10 grams from last Friday's closing level of Rs 29,695.

Pure gold (99.9 purity) also fell by the same amount to conclude at Rs 29,650 per 10 grams as compared to Rs 29,845 previously.

Silver (.999 fineness) dipped by Rs 420 per kg to end at Rs 38,990 against Rs 39,410 last weekend.

Globally, gold fell to its lowest in seven weeks early today after strong US economic data reinforced expectations of another interest rate rise in the US this year and pushed the dollar and US bond yields higher.

Spot gold was flat at USD 1,270.70 an ounce in early European trade, while silver was up at USD 16.58 an ounce but still near its lowest since August 9.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)