Gold, silver drop on reduced demand, global cues

Standard gold (99.5 purity) dipped by Rs 320 to end at Rs 28,765 per 10 grams from Monday's level of Rs 29,085.  

PTI| Updated: Mar 15, 2016, 18:41 PM IST
Gold, silver drop on reduced demand, global cues

Mumbai: Gold prices dropped further at the domestic bullion market here Tuesday on heavy sell-off from stockists and investors driven by bearish overseas cues.

Elsewhere, silver slipped following hectic speculative selling amid subdued industrial offtake.

Standard gold (99.5 purity) dipped by Rs 320 to end at Rs 28,765 per 10 grams from Monday's level of Rs 29,085.

Pure gold (99.9 purity) also moved down by a similar margin to conclude at Rs 28,915 per 10 grams from Rs 29,235.

Silver (.999 fineness) slid by Rs 475 per kg to finish at Rs 37,550 against Rs 38,025 previously.

Globally, gold fell to its lowest in almost two weeks as the dollar firmed ahead of a Federal Reserve meeting that is expected to give clues on the pace of future US rate rises.

Spot gold fell to USD 1,225.70 an ounce, its lowest since March 2, in earlier trade and was down 0.2 percent at USD 1,234.21 in early European trade.

Spot silver rose 0.3 percent to USD 15.35 an ounce.