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Gold prices plunge Rs350 on weak global cues, low local demand

LiveMint logoLiveMint 30-08-2017 PTI

New Delhi: A day after rallying sharply, gold prices tumbled Rs350 to Rs30,100 per 10 grams at the bullion market on Wednesday on weak global cues and fall in demand from local jewellers. Silver slipped below the Rs41,000-mark by falling Rs500 to Rs40,600 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at current levels at domestic spot markets pulled down gold prices. Globally, gold fell by 0.07% to $1,308.60 an ounce and silver by 0.43% to $17.35 an ounce in New York on Tuesday’s trade.

In the national capital, gold of 99.9 and 99.5% purity slumped by Rs350 each to Rs30,100 and Rs29,950 per ten grams respectively. It had surged Rs550 on Tuesday. Sovereign followed suit and shed Rs100 to Rs24,500 per piece of eight grams.

Following gold, silver ready dropped by Rs500 to Rs40,600 per kg and weekly-based delivery by Rs300 to Rs39,600 per kg. In line with overall trend, silver coins plummeted by Rs1,000 to Rs73,000 for buying, and Rs74,000 for selling of 100 pieces.

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