Gold snaps gains, down Rs 50 on weak global cues

New Delhi-India (July 20)  After two days of rising trend, gold prices fell by Rs 50 to Rs 28,450 per 10 gm at the bullion market in the national capital today on stockists selling, which was triggered by a weak global trend.

Silver followed suit and eased by Rs 350 to Rs 45,150 per kg on reduced offtake by industrial units and coin makers.

Marketmen said stockists selling in tandem with a weak global trend amid speculation that the US Federal Reserve will raise American interest rates sooner than expected earlier  mainly influenced the sentiment.

Gold in New York, which normally sets price trend on the domestic front, fell by 0.6 per cent to $1,309.40 an ounce and silver by 1.2 per cent to $20.88 an ounce.

Source: TheHindu