Gold breaks below Rs 29,000 on subdued demand, global cues

November 29, 2016 18:42

Gold prices slipped below the Rs 29,000-mark at the domestic bullion market in Mumbai today following selling by stockists coupled with subdued local buying interest amid bearish global cues.

Silver too dropped below the Rs 42,000-mark owing to lack of industrial buying support.

Standard gold (99.5 purity) fell by Rs 95 to close at Rs 28,905 per 10 grams from Monday's closing level of Rs 29,000. Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 29,055 per 10 grams as against to Rs 29,150 previously.

Silver (.999 fineness) dipped by Rs 600 to finish at Rs 41,430 per kg as against Rs 42,030 yesterday.

Globally, gold prices fell due to expectations of rising US interest rates and a higher dollar and improving sentiment for global economic growth, which means investors are likely to favour risk assets such as equities.

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