Gold at over 4-month low on global cues; muted demand

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Gold prices dipped by Rs. 90 to trade at over four-month low of Rs. 25,525 per ten grams, extending its slide for the third straight day at the bullion market on Monday, tracking a weakening global trend and muted demand from jewellers.

Silver too remained under selling pressure and shed another Rs.100 at Rs. 34,000 per kg.

Bullion traders said a weak global trend where gold traded at over five-year low as the U.S. Federal Reserve expected to hike interest rates next month, helped boosting the dollar, curbing demand for the precious metals as an alternative, induced sentiments.

Globally, gold fell 0.1 per cent to USD 1,056 an ounce, after dropping on Friday to USD 1,052.83, the lowest level since February 2010 in Singapore. At London, it traded a shade lower at USD 1056.40 an ounce in early trade on Monday.

Besides, slackened demand from jewellers and retailers weighed on the prices.

In the national capital, gold of 99.9 and 99.5 per cent purity fell further by Rs. 90 each to Rs. 25,525 and Rs. 25,375 per ten grams, respectively, a level last seen on July 21.

The precious metals had lost Rs. 205 in the precious two days.

Sovereign, however, edged up by Rs. 100 to Rs. 22,200 per piece of eight grams.

Tracking gold, silver ready eased by Rs. 100 to Rs. 34,000 per kg and weekly-based delivery by Rs. 120 to Rs. 33,580 per kg.

Meanwhile, silver coins held steady at Rs. 48,000 for buying and Rs. 49,000 for selling of 100 pieces.

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