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Gold prices extend losses on global cues, muted demand

LiveMint logoLiveMint 05-05-2017 PTI

New Delhi: Falling for the fifth straight session, gold prices fell by Rs30 to Rs28,850 per 10 grams at the bullion market on Friday, tracking a weak trend overseas amid low demand from local jewellers. Silver also remained under selling pressure and shed Rs50 to Rs38,800 per kg due to reduced offtake by industrial units and coin makers.

Traders said, a weak trend overseas as investors speculate the jobs report will bolster the case for raising interest rates, eroding demand for the precious metals, mainly kept pressure on the precious metal prices. Besides, low demand from local jewellers too fuelled the downward trend, they said.

Globally, gold fell 0.78% to $1,228 an ounce and silver by 0.91% to $16.30 an ounce in New York in Thursday’s trade.

Also Read: Global gold prices hit six-week low on rate hike expectations

In the national capital, gold of 99.9% and 99.5% purity drifted lower by Rs30 each to Rs28,850 and Rs28,700 per 10 grams, respectively.

The precious metal had lost Rs670 in the previous four sessions. Sovereign, however, remained unaltered at Rs24,300 per piece of eight grams.

Following gold, silver ready declined by Rs50 to Rs38,800 per kg, while weekly-based delivery regained the Rs38,000 mark by rising Rs195 to Rs38,145 per kg on speculative buying.

On the other hand, silver coins remained steady at Rs69,000 for buying and Rs70,000 for selling of 100 pieces.

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