Gold edges lower on weak buying sentiments, global cues

Gold weakened further at the domestic bullion market here today due to lack of demand from stockists and retailers in the face of gloomy overseas sentiments.
Moreover, silver too moved down for the fourth session owing to lack of industrial buying support.
Standard gold (99.5 purity) declined by Rs 75 to close at Rs 29,575 per 10 grams from Monday's finish of Rs 29,650.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 29,725 per 10 grams as compared to Rs 29,800 yesterday.
Silver (.999 fineness) moved down by Rs 85 to end at Rs 39,875 from Rs 39,960 earlier.

Globally, gold fell to a 3-1/2 week low as hawkish comments from Federal Reserve officials in the previous session sent the dollar to a two-month high against a currency basket.
Spot gold was down 0.5 percent at USD 1,242.95 an ounce at early trade, while the US gold futures for June delivery were down USD 7.90 an ounce at USD 1,243.60.
Meanwhile, silver was down 0.5 per cent at USD 16.24 an ounce, after earlier hitting a five-week low of USD 16.19.