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Gold prices slide on weak global cues, muted demand

LiveMint logoLiveMint 24-04-2017 PTI

Mumbai: Gold prices fell by Rs 235 per ten grams at the bullion market here today, tracking a weak trend overseas amid subdued demand from jewellers and customers. Silver followed suit and closed below the psychologically key Rs 42,000-mark for the fifth session due to slackened buying support from industrial units.

Standard gold (99.5 purity) plunged by Rs 235 to finish at Rs 29,110 per 10 grams from last Friday’s closing level of Rs 29,345. Pure gold (99.9 purity) also fell to end at Rs 29,260 per 10 grams compared with Rs 29,495 earlier. Silver (.999 fineness) also dipped by Rs 480 per kg to finish at Rs 41,545 from Rs 42,025 previously.

Also Read: Global gold prices fall 1% as Macron wins first round of French presidential election

Globally, gold fell more than 1%, marking its biggest tumble in more than a month, after the market’s favoured candidate won the first round of the French election, easing worries over a political shock in the second round.

Spot gold was down 1% at $1,271 an ounce at early trade, having touched its lowest in nearly two weeks at $1,265.81. Spot silver was down 0.6% at $17.78 an ounce after touching a one-month low of $17.65.

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