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Gold prices dive Rs125 on global softness, muted demand

LiveMint logoLiveMint 26-06-2017 PTI

New Delhi: Gold prices tumbled Rs125 to Rs29,100 per 10 grams on Monday, snapping the two-day climb, hurt by a weak trend overseas amid tapering demand from local jewellers.

Silver also slipped below the Rs 39,000 mark by falling Rs125 to Rs38,950 per kg due to reduced offtake by industrial units and coin makers.

Traders said drop in demand from local jewellers and retailers at the domestic spot market was a big drag.

Globally, gold price fell 0.87% to $1,245.70 an ounce and silver by 1.17% to $16.49 an ounce in Singapore.

In the national capital, gold price of 99.9% and 99.5% purity declined by Rs125 each to Rs29,100 and Rs28,950 per 10 grams, respectively.

The precious metals had gained Rs 125 in the last two days. Sovereign, however, remained flat at Rs24,400 per piece of eight grams. Following gold, silver ready fell by Rs125 to Rs38,950 per kg while weekly-based delivery held steady at Rs38,485 per kg.

Silver coins, however, continued to be traded at previous level of Rs72,000 for buying and Rs73,000 for selling of 100 pieces.

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