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Gold prices plunge Rs180 on global cues

LiveMint logoLiveMint 20-02-2017 PTI

New Delhi: Snapping its three-day rising trend, gold slumped by Rs180 to Rs29,700 per 10 grams on Monday on weak global cues and easing demand from local jewellers.

Silver prices also dropped by Rs300 to Rs43,150 per kg on reduced offtake by industrial units and coin makers.

Marketmen said apart from a weak trend overseas, fall in demand from local jewellers and retailers at current levels weighed on gold prices.

Globally, gold fell 0.02% to $1,234.30 an ounce and silver declined 0.06% to $17.93 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5% purity tumbled by Rs180 each to Rs29,700 and Rs 29,550 per 10 grams, respectively.

It had gained Rs255 in the past three sessions. Sovereign, however, held steady at Rs24,500 per piece of eight grams.

Tracking the yellow metal, silver ready fell by Rs300 to Rs43,150 per kg and weekly-based delivery declined by Rs265 to Rs42,670 per kg. Silver coins, however, remained unaltered at Rs73,000 for buying and Rs74,000 for 100 pieces.

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