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Gold prices lose sheen on global cues

LiveMint logoLiveMint 02-06-2017 PTI

Mumbai: Gold prices slipped at the domestic bullion market on Friday following a weak trend overseas along with sluggish demand from stockists and jewellers.

On the other hand, silver prices remained under selling pressure for the third-straight session owing to sustained speculative unwinding.

Standard gold prices (99.5 purity) slipped by Rs90 to finish at Rs28,770 per 10 grams from Thursday’s closing level of Rs28,860. Pure gold prices (99.9 purity) also moved down by a similar margin to close at Rs28,920 per 10 grams from Rs29,010 earlier.

Silver prices (.999 fineness) fell by Rs 10 to conclude at Rs39,920 per kg from Rs39,930 on Thursday.

Globally, gold prices fell to their lowest level in a week ahead of US non-farm payrolls data due later in the day that is expected to reinforce expectations of an interest rate rise this month. Spot gold had dropped 0.2 per cent to $1,262.55 an ounce at early trade.

It earlier touched its weakest since 26 May at $1,258.60. Silver was down 0.8% for the week.

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