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Gold prices slip for second day on stockists’ selling

LiveMint logoLiveMint 29-03-2017 PTI

Mumbai: Gold prices slipped for the second straight session at the bullion market on Wednesday due to sustained selling by stockists and jewellery traders.

Meanwhile, silver strengthened for the third day owing to industrial buying support. Standard gold (99.5 purity) fell by Rs 100 to end at Rs 28,760 per 10 grams from Tuesday’s level of Rs 28,860.

Pure gold (99.9 purity) also eased by a similar margin to close at Rs 28,910 per 10 grams against Rs 29,010, previously. However, silver (.999 fineness) rose by Rs 35 per kg to finish at Rs 42,500 as compared to Rs 42,465 earlier.

Globally, gold edged higher as uncertainty about Brexit talks, French elections and US President Donald Trump’s economic policies boosted safe haven buying, offsetting a firmer dollar.

Also Read| Global gold prices slip as dollar firms on US interest rate hike cues

Spot gold was up 0.1% at $1,252.35 per ounce at early trade. Spot silver slipped 0.1% to $18.14 per ounce. In the previous session, the metal hit $18.24, the highest since 2 March.

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