Gold Rate Today: Gold slips on low spot demand, positive equity market

NEW DELHI: Gold traded in the negative territory in futures trade on Tuesday as low demand by jewellers at the spot market weighed on the yellow metal.

Positive sentiment in the equity market, after exit polls predicted the return of the NDA to power with a clear majority, also dented the appeal of gold as a safe-haven metal.

Weak global sentiment further weighed on as dollar's rise against its global peers took the shine off gold.



Gold eased in global markets after touching a more than two-week low in the previous session, as increasing bets that the US Federal Reserve will not cut interest rates this year boosted the dollar which usurped bullion's safe-haven appeal, Reuters reported.

Silver also declined on reduced demand by industrial units and coin makers.

The MCX Gold was trading at Rs 31,475 per 10 grams, down by Rs 62, while MCX Silver was trading at Rs 36,312 a kilo, lower by Rs 59 around 11:10 am.