Gold, silver decline on global cues

MUMBAI: Gold slipped by Rs 80 per 10 grams at the bullion market today following subdued demand from stockists and retailers on the back of weak global cues.

Silver continued its downtrend for the 7th straight session owing to sustained bouts of speculative selling amid lower industrial offtake.

Standard gold (99.5 purity) fell by Rs 80 to end at Rs 28,750 per 10 grams from yesterday's level of Rs 28,830.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 28,900 per 10 grams as compared to Rs 28,980.

Silver (.999 fineness) dipped by Rs 125 to close at Rs 39,090 per kg as against Rs 39,215 yesterday.

In the global market, gold dropped early today weighed down by a stronger dollar as investors began to assess the potential for another US rate hike later in the year.

The losses were modest, however, with bullion underpinned by a myriad of global uncertainties, including reports that the US President Donald Trump was under investigation.

Spot gold fell to $ 1,257.77 per ounce in early European trade. It hit a low of $ 1,256.65 in the previous session, its weakest since May 26. The US gold futures for August delivery fell to $ 1,260.60 an ounce.

Silver shed to $ 16.83 per ounce after it settled higher yesterday, snapping a five-session losing streak.