Gold prices slip on weak global cues, muted demand

New Delhi-India (Feb 20)  Gold prices fell by Rs100 to Rs31,700 per 10 gram at the bullion market on Tuesday, tracking a weak trend overseas amid tepid demand from local jewellers. Silver prices also plunged by Rs535 to Rs39,440 per kg due to reduced offtake by industrial units and coin makers.

Traders attributed the decline in gold prices to a weak trend overseas as the dollar rebounded from over three-year lows, while investors waited for the minutes of the latest Fed meet for clues on the outlook for US interest rates.

Globally, gold rate fell 0.62% to $1,337.70 an ounce and silver by 1.05% to $16.47 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity moved down by Rs100 each to Rs31,700 and Rs31,550 per 10 gram, respectively. It had gained Rs50 on Monday. Sovereign however remained flat at Rs24,800 per piece of eight gram.

In sync with gold, silver ready dropped by Rs535 to Rs39,440 per kg and weekly-based delivery by Rs290 to Rs38,295 per kg. Silver coins however continued to be traded at last level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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