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Gold prices dip on reduced demand

LiveMint logoLiveMint 03-03-2017 PTI

Mumbai: Gold continued its downtrend for the fourth straight session on Friday, falling Rs 260 to Rs 29,145 per 10 grams at the bullion market here due to heavy sell-off by stockists and investors amid bearish global cues. Silver, too, slumped by Rs1,250 per kg to Rs 42,850, owing to hectic speculative selling and reduced industrial offtake.

Standard gold dropped by Rs260 to finish at Rs29,145 per 10 grams from Thursday’s close of Rs 29,405. Pure gold also fell by a similar margin to finish at Rs 29,295 per 10 grams compared to Rs 29,555 previously. Silver (.999 fineness) plunged by Rs 1,205 to close at Rs 42,850 per kg as against Rs 44,055 earlier.

Globally, gold fell more than half a percent early on Friday and was on track for its biggest weekly loss in nearly four months as speculation grew that the Federal Reserve would press ahead with a rate increase this month. Spot gold fell to $1,228.68 per ounce in early European trade and silver declined to $17.73 an ounce.

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