Gold, silver drop further on global cues

Mumbai: Gold extended its slide at the domestic bullion market here on November 18  as prices plunged by Rs 445 following sustained selling by stockists and investors coupled with subdued local buying interest driven by a turnaround at the international markets.

Silver cracked below the Rs 42,000-mark by falling Rs 935 per kg owing to lack of industrial buying support.

Standard gold (99.5 purity) dropped by Rs 445 to end at Rs 29,160 per 10 grams from Thursday's closing level of Rs 29,605. Pure gold (99.9 purity) also moved down by a similar margin to Rs 29,310 per 10 grams as compared to Rs 29,755 earlier.

Silver (.999 fineness) slumped by Rs 935 to conclude at Rs 41,765 per kg as against Rs 42,700 previously.

Globally, gold hit its lowest level since late May, as the dollar surged to a near 14-year high on expectations for a US rate hike next month and more infrastructure spending from the new Trump administration.

Spot gold slid to its lowest since May 30 at USD 1,203.52 an ounce, and was down 0.8 per cent at USD 1,205.76 an ounce.

US gold futures for December delivery were down USD 11.90 an ounce at USD 1,205.00, off a low of USD 1,201.30, its weakest since mid February.

Silver was down 1.1 per cent at USD 16.47 an ounce, having earlier touched its lowest since June 8 at USD 16.44.