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Gold prices fall Rs250 on global cues, muted demand

LiveMint logoLiveMint 31-05-2017 PTI

New Delhi: Gold prices tumbled by Rs250 to Rs29,100 per 10 gram at the bullion market on Wednesday, tracking a weak trend overseas and muted demand from local jewellers.

Silver also dropped by Rs450 to Rs40,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas as investors await the release of key US employment data later this week and fading demand from local jewellers at the domestic spot markets mainly pulled down gold prices. Globally, gold fell by 0.02% to $1,262.60 an ounce and silver by 0.49% to $17.29 an ounce in Singapore.

In New Delhi, gold of 99.9% and 99.5% purity slumped by Rs250 each to Rs29,100 and Rs28,950 per 10 grams, respectively.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. In sync with gold, silver ready dropped by Rs 450 to Rs 40,000 per kg and weekly-based delivery by Rs 400 to Rs 40,015 per kg.

On the other hand, silver coins held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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