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Gold prices slip on low demand

LiveMint logoLiveMint 10-05-2017 PTI

Mumbai: Gold prices drifted lower by Rs 55 per 10 grams for the third day at the bullion market here on Wednesday as demand eased from jewellers and retailers at prevailing levels even as the metal strengthened overseas.

However, silver staged a comeback by rising Rs 70 per kg on buying support from industrial users.

Standard gold (99.5 purity) declined by Rs 55 to conclude at Rs 28,120 per 10 grams from Tuesday’s closing level of Rs 28,175.

Pure gold (99.9 purity) also fell by a similar margin to close at Rs 28,270 per 10 grams from Rs 28,325. Silver (.999 fineness) rose by Rs 70 to finish at Rs 38,490 per kg as against Rs 38,420 on Tuesday.

Also Read: Global gold prices fall to eight-week low

Globally, gold edged off the previous day’s eight-week low as US President Trump’s abrupt firing of FBI chief James Comey hit share markets, but expectations of further US interest rate hikes capped gains by the metal. Spot gold was up 0.2% at $1,223.30 an ounce at early trade.

Among other precious metals, silver was flat at USD 16.14 an ounce, after sliding to its weakest since 3 January at $16.01 on Tuesday.

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