Mumbai:- Sliding for the fourth straight day, gold dipped below the Rs 28,000-mark by losing Rs 140 per ten grams at the bullion market here today, amid a subdued demand from jewellers and retailers at current levels even as the metal strengthened overseas.
Elsewhere, silver strengthened further owing to sustained industrial buying.
Standard gold (99.5 purity) declined by Rs 140 to finish at Rs 27,980 per 10 grams from Wednesday’s closing level of Rs 28,120.
Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 28,130 per 10 grams from Rs 28,270 earlier.
Silver (.999 fineness) rose by Rs 45 per kg to conclude at Rs 38,535 as against Rs 38,490 yesterday.
Globally, gold rose from eight-week lows as US bond yields and the dollar retreated from recent highs after President Donald Trump dismissed FBI Director James Comey, but forecasts of a US interest rate rise in June limited the metal’s gains.
Spot gold was up 0.4 per cent at USD 1,223.03 an ounce at early trade, following eight sessions in which prices have been flat or fallen. On Tuesday, it touched an eight-week low of USD 1,213.81.
In other precious metals, spot silver was up 1 per cent at USD 16.30 an ounce.
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