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Gold prices fall by Rs150 on muted demand, global cues

LiveMint logoLiveMint 18-09-2017 PTI

New Delhi: Gold prices on Monday dropped by Rs150 to Rs30,700 per 10 grams, extending fall for a third day, at the bullion market on muted demand and weak global cues. Silver prices too fell further by Rs200 to Rs41,200 per kg due to reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas, with rising dollar eroding appeal of the precious metals as safe haven investment, influenced prices at domestic markets. The dollar gained on expectations of tightening of the monetary policy by the US Federal Reserve in the two-day meeting starting on Tuesday, they added.

Globally, gold prices fell 0.45% to $1313.20 an ounce and silver by 0.20% to %17.50 an ounce in Singapore. Besides, tepid demand from local jewellers and retailers at domestic spot market dampened the sentiment.

In the national capital, gold of 99.9% and 99.5% purity slumped by Rs150 each at Rs30,700 and Rs30,550 per 10 grams, respectively. The precious metal had lost Rs150 in the last two days. Sovereign, however, remained unaltered at Rs24,700 per piece of eight gram.

Silver ready dropped by Rs200 to Rs41,200 per kg and weekly-based delivery slipped by Rs255 to Rs40,560 per kg. On the other hand, silver coins maintained a steady trend at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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