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Gold prices extend losses on weak global cues

LiveMint logoLiveMint 26-07-2017 PTI

Mumbai: Gold prices fell further by Rs80 per 10 grams at the bullion market on Wednesday, tracking a weak trend overseas amid slackened demand from jewellers.

However, silver staged a comeback by rising Rs 95 per kg on buying support from industrial users.

Standard gold (99.5 purity) slid by Rs 80 to conclude at Rs28,325 per 10 grams from Tuesday’s closing level of Rs 28,405.

Pure gold (99.9 purity) also shed by a similar margin to end at Rs28,475 per 10 grams as compared to Rs 28,555 earlier. Silver (.999 fineness) rose by Rs95 to finish at Rs37,745 per kg as against Rs37,650.

Globally, gold drifted lower as the dollar firmed ahead of a Federal Reserve policy decision and investors opted to sell bonds and buy equities as worries over a worldwide growth slowdown fade.

Spot gold fell 0.1% to $1,246.99 per ounce at early trade. The US gold futures for August delivery fell 0.4% to $1,246.80 per ounce. In other precious metals, silver slipped 0.6% to $16.35 per ounce.

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