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Gold Rate Today: Gold lacklustre on weak global cues, fall in spot demand

NEW DELHI: Gold prices slipped in futures trade on Tuesday, tracking the trend in overseas markets, while a fall in spot demand also weighed on.

The yellow metal ticked lower in global markets as the dollar held near multi-week highs on reduced expectations of an aggressive rate cut by the US Fed.

The Budget announcement of the imposition of higher customs duty on gold weighed on the precious metal in the bullion market.

In the Union Budget for 2019-20, the government proposed to increase customs duty on gold and other precious metals to 12.5 per cent from the current 10 per cent.

However, the losses were capped by the weakness in the equity market and a softer rupee.

Silver, on the other hand, climbed on raised demand by industrial units and coin makers.

Around 11:55 am, the MCX Gold traded at Rs 34,533 per 10 grams, down Rs 46, while MCX Silver traded Rs 38,092 a kilo, up Rs 68

Source: Economic Times