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Gold prices fall by Rs 80 on global cues

LiveMint logoLiveMint 03-05-2017 PTI

Mumbai: Gold prices fell further at the bullion market on weak stockist and investors offtake amid mute local buying interest, mainly triggered by bearish global cues. Silver also extended the fall owing to continued speculative selling and lower industrial demand.

Globally, gold hovered near three-week lows today as the dollar firmed on expectations of a US interest rate hike in June and the market discounted a surprise win by France’s far-right presidential candidate.

The US Federal Reserve is expected to hold interest rates steady after concluding its ongoing two-day meeting, but it might focus on future rate hikes, which would reduce demand for non-interest bearing gold. Standard gold (99.5% purity) fell by Rs 80 to end at Rs 28,570 per 10 grams from Tuesday’s close of Rs 28,650.

Pure gold (99.9% purity) also slipped by a similar margin to settle at Rs 28,720 per 10 grams against Rs 28,800 on Tuesday.

Silver (.999 fineness) dipped by Rs 265 per kg to Rs 39,425 compared to Rs 39,690 previously. In London, spot gold was down 0.2% at $1,253.86 per ounce. Silver was flat at $16.80 per ounce.

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