Gold slips on reduced demand, silver extends losses

Gold prices slipped by Rs 165 to Rs 30,450 per 10 grams at the bullion market here today following reduced demand from stockists and retailers amid bearish global cues.

Elsewhere, silver extended its losses by Rs 210 to Rs 36,590 per kg due to subdued demand from industrial units.

Standard gold (99.5 per cent purity) fell by Rs 165 to end at Rs 30,450 per 10 grams from Tuesday's closing level of Rs 30,615.

Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,600 per 10 gram as against Rs 30,765 previously.

Silver (.999 fineness) declined by Rs 210 per kg to conclude at Rs 36,590 as compared to Rs 36,800 Tuesday.

Globally, gold was steady early Wednesday, failing to break from a narrow trading range as investors remained concerned about a simmering trade war between the US and China.

Spot gold was off just 0.07 per cent at USD 1,196.70 an ounce in early European trade, after hitting its lowest since August 24 at USD 1,187.21 Tuesday. US gold futures were steady at USD 1,202.20 an ounce.

Spot silver was up by 0.6 per cent to USD 14.18 per ounce, having touched USD 13.90 in the previous session, its lowest since January 2016.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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