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Gold prices fall on weak global cues

LiveMint logoLiveMint 04-05-2017 PTI

Mumbai: Gold prices slipped further to over one-and-half month low on weak stockist and investors demand amid dull local buying interest, mainly driven by continued global downtrend. Silver also fell to multi-month lows to crack below the Rs38,000-mark on persistent selling pressure.

Globally, Gold prices tumbled to six-week lows, following a strengthening dollar on expectations of further US rate rises this year and receding political uncertainty in Europe. The dollar strengthened after the US Federal Reserve played down any threats to the possible hikes in interest rates, supporting forecasts of another move in June.

Standard gold (99.5% purity) dropped by Rs375 to close at Rs28,195 per 10 grams from Wednesday’s close of Rs28,570. (the level not seen since March 15 at 28,065 per 10 grams) Pure gold (99.9 % purity) also dipped by a similar margin to settle at Rs28,345 per 10 grams against Rs28,720 yesterday.

Silver (.999 fineness) plunged by Rs775 per kg to Rs38,650 compared to Rs39,425 previously. (the level not seen since 26 December 2016 at 38,740 per kg).

In London, spot gold was down 0.3% to $1,234.88 an ounce in early trade. While, silver rose 0.7% to $16.50 an ounce.

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