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Gold dips on subdued demand, weak global cues

LiveMint logoLiveMint 10-05-2014 PTI

New Delhi: Gold prices fell by Rs140 to Rs30,340 per ten gram in Delhi bullion market on Saturday owing to slackened demand at prevailing higher levels amid a weak trend overseas.

Silver also shed Rs70 to Rs41,700 per kg on reduced offtake by coin makers and other consuming industries.

Traders said besides a weak trend in the global markets, fall in domestic demand at prevailing levels mainly led to decline in the gold prices.

In the New York market, gold fell 0.10% to $1,287.60 an ounce.

In Delhi, gold of 99.9 and 99.5% purity moved down by Rs70 each to Rs30,340 and Rs30,140 per ten gram respectively, while sovereign remained steady at Rs25,100 per piece of eight gram.

Silver ready fell further by Rs70 to Rs41,700 per kg and weekly-based delivery by Rs170 to Rs41,500 per kg. The white metal had lost Rs1,030 in last two days.

Silver coins, however, remained remained flat at Rs79,000 for buying and Rs80,000 for selling of 100 pieces.

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