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Gold prices fall by Rs100 on global cues, low demand

LiveMint logoLiveMint 19-09-2017 PTI

New Delhi: Gold prices fell by another Rs100 to Rs30,600 per 10 grams at the bullion market on Tuesday, largely in tandem with a weak global trend amid muted demand from local jewellers. Silver also cracked below the Rs41,000-mark by falling Rs700 to Rs40,500 per kg on reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas, as market’s focus turned to a two-day US Federal Reserve meeting that kicks off later in the day, kept pressure on the precious metal. Besides, the dollar’s strength against a basket of major currencies overseas weighed on gold prices, they added.

Globally, gold prices fell 0.03% to $1,306.70 an ounce and silver by 0.35% to $17.11 an ounce in Singapore. In addition, fading demand from local jewellers and retailers at domestic spot market also dampened sentiments.

In the national capital, gold of 99.9% and 99.5% purity fell further by Rs100 each to Rs30,600 and Rs30,450 per 10 grams, respectively. The precious metal had lost Rs300 in the previous three sessions. Sovereign, however, remained unaltered at Rs24,700 per piece of eight grams.

Tracking gold, silver ready dropped by Rs700 to Rs40,500 per kg, while weekly-based delivery by Rs770 to Rs39,790 per kg. Silver coins, however, remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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