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Gold prices extend losses, fall Rs50 on weak demand

LiveMint logoLiveMint 25-04-2017 PTI

New Delhi: Gold prices fell for the second day on Tuesday, down Rs50 at Rs29,600 per 10 grams on the bullion market amid weak overseas trend and easing demand from local jewellers.

However, silver held steady at Rs41,600 per kg in limited deals from industrial units and coin makers.

Traders said that apart from a weak trend overseas, where gold fell to almost two-week low, fading demand from local jewellers at domestic spot market kept pressure on prices.

Globally, gold prices fell 0.44% to $1,270.40 an ounce in Singapore.

Also Read: Global gold prices ease after French election results

In the national capital, gold of 99.9% and 99.5% purity shed Rs50 each at Rs29,600 and Rs29,450 per 10 grams, respectively.

The precious metal had lost Rs 350 on Monday. Sovereign, however, held steady at Rs 24,400 per piece of eight grams.

On the other hand, silver ready ruled flat at Rs 41,600 per kg on scattered buying, while weekly-based delivery edged up by Rs 10 to Rs 40,950 per kg.

Silver coins, however, continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

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