Gold prices ease on subdued demand, global cues

Mumbai-India (Jan 20)  Gold prices eased further at the domestic bullion market on Friday on lower demand from investors and stockists as well as poor local buying interest on the back of lower global cues.

Silver too cracked on speculative selling coupled with lower industrial demand. Standard gold (99.5 purity) eased by Rs15 to close at Rs29,050 per 10 grams from Thursday’s level of Rs29,065.

Pure gold (99.9 purity) also moved down by a similar margin to end at Rs29,200 per 10 grams against Rs 29,215 previously. Silver (.999 fineness) fell by Rs125 to conclude at Rs41,485 per kg as against Rs41,610 previously.

Globally, gold prices dipped as investors expect the US President-elect Donald Trump to calm markets with a return to conciliatory language in his inaugural address.

Spot gold was down 0.5% at $1,199.09 per ounce at early trade, while the US gold futures fell 0.2% to $1,199.50. In other precious metals, silver shed 0.8% to $16.87 an ounce.

Source: LiveMint