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Gold prices decline on reduced demand, silver rallies

LiveMint logoLiveMint 27-06-2017 PTI

Mumbai: Gold prices declined at the domestic bullion market in Mumbai on Tuesday due to reduced demand from stockists and retailers despite a firm trend overseas.

However, silver continued its rising streak for the third day in a row and reclaimed the Rs39,000 per kg mark by gaining Rs 55 per kg on increased offtake by industrial units.

Standard gold (99.5 purity) fell by Rs 65 to close at Rs 28,725 per 10 grams from last Friday’s level of Rs 28,790. Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 28,875 per 10 grams as compared to Rs 28,940 earlier.

Silver (.999 fineness) advanced by Rs 55 to conclude at Rs 39,015 against Rs 38,960 previously.

Globally, gold prices rose after hitting a six-week low in the previous session as bargain hunting set in and the dollar fell before speeches by US Federal Reserve officials.

Spot gold rose 0.5% to $1,250.31 per ounce at early trade.

It hit a near six-week low of $1,236.46 on Monday. Among other precious metals, silver rose 0.5 per cent to $16.63 an ounce.

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