Gold prices slip on global cues, silver breaks below Rs 39000-mark

Mumbai-India (Aug 14)  Gold prices slipped at the domestic bullion market here today on weak global cues amid waning demand from local jewellers.    

Silver too dropped owing to lack of industrial buying support.    

Standard gold (99.5 purity) fell by Rs 190 to close at Rs 28,870 per 10 grams from last Friday's closing level of Rs 29,060. Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 29,020 per 10 grams as against to Rs 29,210 previously.    

Silver (.999 fineness) dipped by Rs 300 to finish at Rs 38,810 per kg as against Rs 39,110 last Friday.  

Globally, gold dropped by half a percentage point, retreating from two-month highs under pressure from a strengthening dollar and slight easing of tensions between the US and North Korea.    

Elsewhere, the dollar rose from last week's four-month lows against the yen and traded up against a currency basket, making dollar-priced gold costlier for non-US investors.    

Spot gold fell 0.6 per cent to USD 1,280.45 an ounce at early trade.    

Among other precious metals, silver fell 0.5 per cent to USD 16.98 per ounce, having climbed last week to its highest since mid-June.

IndianExpress