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Gold price dips on subdued demand, silver recovers

LiveMint logoLiveMint 04-10-2017 PTI

Mumbai: Continuing its downtrend for the fifth straight session, gold dipped by Rs75 per 10 grams at the bullion market in Mumbai Wednesday following subdued demand from stockist and retailers.

Meanwhile, silver rebounded by Rs80 per kg owing to renewed offtake from industrial units amid higher global cues. Standard gold (99.5 purity) fell by Rs75 to close at Rs29,425 per 10 grams from Tuesday’s level of Rs29,500.

Pure gold (99.9 purity) also declined by the same amount to end at Rs29,575 per 10 grams compared to Rs29,650 on Tuesday. However, silver (.999 fineness) rose by Rs80 per kg to finish at Rs39,070 as against Rs38,990 previously.

Globally, gold rose in early trade after marking a seven-week low the previous session, as the dollar dipped on talk that a dovish Federal Reserve chair would be appointed next year. Having touched its lowest since mid-August on Tuesday, spot gold rose to $1,281.30 an ounce in early European trade, while silver climbed to $16.80 an ounce.

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