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Gold prices drops further by Rs125 to Rs28,725 per 10 gram on tepid demand

LiveMint logoLiveMint 06-05-2017 PTI

New Delhi: Falling for the sixth straight session, gold prices on Saturday declined by another Rs125 to Rs28,725 per 10 gram at the bullion market, hit by a slackened demand from jewellers amid weakening global cues.

Traders said apart from a weakening global trend, decline in demand from local jewellers and retailers at domestic spot market has been putting pressure on the prices of the precious metal.

Globally, gold fell 0.01% to $1,227.90 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs125 each to Rs28,725 and Rs28,575 per 10 grams, respectively. The precious metal had lost Rs700 in the previous five sessions. Sovereign, however, continued to be traded at previous level of Rs24,300 per piece of eight gram.

Similarly, silver ready eased further by Rs225 to Rs38,575 per kg and weekly-based delivery by Rs385 to 37,760 per kg. On the other hand, silver coins remained unaltered at Rs69,000 for buying and Rs70,000 for selling of 100 pieces.

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