Gold prices drop on weak global cues, silver slumps below 40K

| Friday, May 20, 2016 - 15:20
First Published |
Gold slumps drop on weak global cues

Gold slumps drop on weak global cues

New Delhi: Tracking a the weak trends globally, the gold prices declined by Rs 50 to Rs 29,750 per 10 grams at the bullion market on Friday.
Silver prices also went below the Rs 40,000-mark by falling Rs 500 to Rs 39,950 per kg due to reduced off-take by industrial units and coin makers.
There is a strong likelihood of the Federal Reserve raising interest rates as early as next month. Following gold, silver (ready) dropped by Rs 500 to Rs 39,950 per kg and weekly-based delivery by Rs 300 to Rs 39,870 per kg.
Silver coins too plunged by Rs 1,000 to Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.

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