Gold slips on global cues, subdued demand

New Delhi: Snapping its two day rising streak, gold plunged by Rs 190 to Rs 27,075 per ten grams at the bullion market today, taking weak cues from global markets amid easing demand from jewellers at prevailing levels.

However, silver advanced by Rs 15 to Rs 37,365 per kg on pickup in demand from industrial units and coin makers.

Traders said apart from muted demand from jewellers, a weak trend in global market after the Federal Reserve hinted at a possible US interest rate hike in December, boosting the dollar and eroded appeal of the precious metals, mainly kept pressure on gold prices.

Globally, gold fell 0.97 percent to USD 1,155.70 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 percent purity tumbled by Rs 190 each to Rs 27,075 and Rs 26,925 per ten grams, respectively. It had gained Rs 195 in the previous two sessions.

Sovereign, however, remained flat at Rs 22,400 per piece of eight grams.

Silver ready however gained Rs 15 to Rs 37,365 per kg and weekly-based delivery rose by Rs 50 to Rs 37,240 per kg.

Silver coins remained steady at Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.