Gold drops for third day on global cues, sluggish demand

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NEW DELHI: Continuing its losing streak for the third consecutive day, gold tumbled by Rs 110 to Rs 25,020 per ten grams at the bullion market on Wednesday, largely in tandem with a weakening global trend amid subdued demand from jewellers.

Silver also shed Rs 50 at Rs 33,700 per kg on reduced offtake by industrial units and coin makers.

Traders said gold fell amid a weak global trend after a voting member of the US Fed said the central bank is close to raising interest rates, lifting the dollar to a four-month high and diminishing appeal of the precious metal.

Globally, gold fell 0.3 per cent to US $ 1,084.70 an ounce and silver 0.3 per cent to US $ 14.57 an ounce in Singapore.

Besides, subdued demand from jewellers and retailers at domestic spot market, dampened the sentiments, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity dropped by Rs 110 each to Rs 25,020 and Rs 24,870 per ten grams, respectively. The precious metal had lost Rs 170 in last two days.

Sovereign, however, continued to be traded at previous level of Rs 22,200 per piece of eight grams in limited deals.

Similarly, silver ready also fell further by Rs 50 to Rs 33,700 per kg and weekly-based delivery traded lower by Rs 30 to Rs 33,430 per kg.

Silver coins remained unaltered at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.

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