Mumbai: Gold snapped its two-session rise at the domestic bullion market here today following subdued offtake from stockists and investors driven by bearish global sentiment. Silver too fell in line with the yellow metal on speculative selling. Overseas, gold came under pressure as dollar rose on delay in US healthcare vote which is seen by financial markets as a crucial test of President Donal Trump’s ability to push through reforms.
Standard gold (99.5 purity) dropped by Rs 105 to close at Rs 28,745 per 10 grams from Thursday’s closing level of Rs 28,850. Pure gold (99.9 purity) also declined by a similar margin to conclude at Rs 28,895 per 10 grams as compared to Rs 29,000 previously. Silver (.999 fineness) slid by Rs 170 per kg to end at Rs 41,660 from Rs 41,830 yesterday.
Globally, gold fell against the backdrop of a rising dollar as markets waited to see whether President Trump succeeds in pushing through healthcare reforms. Spot gold was down 0.2 per cent at USD 1,242.31 per ounce at early trade. Spot silver rose 0.2 per cent to USD 17.51.
PTI