Gold prices dip on global cues

Gold prices fell after a two-week high in global markets, with spot gold dipping to USD 1,138.20 an ounce in early European trade, reports say. Back home, standard gold (99.5 purity) dropped by Rs 70 to Rs 26,275 per 10 grams (it closed on Wednesday at Rs 26,345 per 10 grams). After closing at Rs 26,495 per 10 grams, pure gold (99.9 purity) decreased also around by Rs.70 to Rs 26,425 per 10 grams, reports add.

The dip in prices was attributed to the dimmed enthusiasm of stockists and retailers, owing to the gloomy trend overseas where investors were taking slow steps before the FOMC minutes release of the last meeting to gather any notion on the time of hike in interest rate, and losses were capped on hopes that the US Federal Reserve will delay raising the said interest rates to next year, reports say.