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Gold prices slip to Rs29,220 on weak global trend, muted demand

LiveMint logoLiveMint 26-07-2017 PTI

New Delhi: Gold prices tumbled by Rs180 to Rs29,220 per ten gram at the bullion market on Wednesday, tracking a weak trend overseas amid muted demand from local jewellers.

Silver too lost sheen, shedding Rs 260 to Rs 38,840 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said a weak trend overseas as equities gained and markets awaited clues about monetary policy from the US Federal Reserve, which began its two-day meeting yesterday, mainly dampened the sentiment here.

Besides, fading demand from local jewellers and retailers at existing levels too weighed on gold prices.

The metal had gained Rs250 in the past two days. Globally, gold fell 0.34% to $1,245.40 an ounce and silver by 0.88 per cent to $16.33 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5% purity plunged by Rs180 each to Rs29,220 and Rs29,070 per ten gram, respectively.

Sovereign, however, remained unaltered at Rs24,400 per piece of eight gram in limited deals. Following gold, silver ready fell by Rs260 to Rs38,840 per kg and weekly-based delivery by Rs270 to Rs37,910 per kg.

Silver coins, however, held steady at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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