Gold dips on weak buying amid sluggish global cues

Last Updated: Sat, Jul 19, 2014 16:58 hrs

Gold prices pulled back after a sharp two-day advances in the bullion market here today due to reduced demand from jewellery traders as well as modest profit taking in the midst of lacklustre overseas sentiment.

Silver also moved down owing to poor offtake by industrial units and coin makers.

Standard gold (99.5 purity) fell by Rs 55 to finish at Rs 28,030 per 10 grams from Friday's level of Rs 28,085.

Pure gold (99.9 purity) edged down by Rs 50 to end at Rs 28,180 per 10 grams as compared to Rs 28,230 previously.

Silver (.999 fineness) eased by Rs 80 to conclude at Rs 45,520 per kg against Rs 45,600 yesterday.

On the global front, the shiny metal drifted further on the back of investors' caution as safe-haven bets faded after recent sharp surge against the backdrop on geopolitical jitters and lack of physical follow-through buying.

Gold for August delivery slumped to settle at USD 1,309.40 an ounce on the Comex division of the NYMEX late yesterday, while silver September contract softened to USD 20.89 an ounce.

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