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Gold prices slip by Rs 185 on low demand

LiveMint logoLiveMint 24-05-2017 PTI

Mumbai: Gold prices slipped at the domestic bullion market on Wednesday following lower demand from stockists and investors. Silver too witnessed bouts of speculative selling to drop amid lower industrial offtake.

Standard gold (99.5% purity) declined by Rs185 to end at Rs28,680 per 10 grams from Tuesday’s closing level of Rs 28,865. Pure gold (99.9% purity) also fell by a similar margin to conclude at Rs 28,830 per 10 grams as compared to Rs 29,015 previously.

Silver (.999 fineness) dropped by Rs 255 per kg to close at Rs 39,900 as against Rs 40,155 on Tuesday.

Globally, gold prices steadied above $1,250 an ounce, taking a breather after the previous day’s fall as investors awaited minutes of the Federal Reserve’s latest meeting for clues on the outlook for US interest rates.

Also Read: Gold prices steady as market awaits Fed policy cues

Spot gold prices was at $1,251.27 an ounce at early trade, little changed from $1,250.76 late on Tuesday, when it slipped 0.7% after two days of gains.

Among other precious metals, silver was down 0.1% at $17.02 an ounce.

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