Gold falls on poor buying, silver dives by Rs 925/kg 

Mumbai: After overnight gains, gold edged lower in listless trade at the bullion market here on Tuesday due to lack of buying interest from stockists and retailers coupled with weak global cues. Silver too dropped Rs 925 per kg on speculative selling following subdued offtake by industrial units.

Standard gold (99.5 purity) eased by Rs 5 to close at Rs 31,075 per 10 grams from Monday’s level of Rs 31,080. Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 31,225 per 10 grams as against Rs 31,230 on Monday. Silver (.999 fineness) slumped by Rs 925 to conclude at Rs 46,415 as compared to Rs 47,340 previously.

Globally, gold slipped below USD 1,350 an ounce after the previous day’s rally towards a recent two-year high ran out of steam, though prices were supported by continued uncertainty following Britain’s vote to leave the European Union. Spot gold was down 0.4 per cent at USD 1,345.11 an ounce in early European trade.

Silver was 3.3 per cent lower at USD 19.63 an ounce, having jumped above USD 21 an ounce for the first time in two years in the previous session.
Source: PTI