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Gold prices drop Rs300 on demand slump

LiveMint logoLiveMint 30-03-2017 PTI

New Delhi: Gold prices tumbled by Rs300 to Rs29,250 per 10 grams at the bullion market on Thursday, tracking a weak trend overseas amid fall in demand from local jewellers.

Silver, however, strengthened by Rs50 to Rs42,300 per kg backed by increased offtake by industrial units and coin makers.

Traders said a weak trend in the overseas markets led to a fall in gold prices and eroded appeal of the metal as a safe-haven after the US dollar strengthened against a basket of major currencies amid growing expectations for more US interest rate increases this year.

Globally, gold fell by 0.22% to $1,250.60 an ounce in Singapore. Besides, easing demand from local jewellers and retailers at current levels also dampened sentiment, they said.

Also Read| Global gold prices fall on stronger dollar

In Delhi, gold of 99.9% and 99.5% purity plunged by Rs300 each to Rs 29,250 and Rs 29,100 per 10 grams, respectively.

The precious metal had gained Rs200 yesterday.

Sovereign also declined by Rs100 to Rs 24,400 per piece of eight grams.

On the other hand, silver ready remained firm and up by another Rs50 to Rs42,300 per kg and weekly-based delivery by Rs70 to Rs42,220 per kg.

Silver coins remained unaltered to Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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