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Gold prices slump by Rs100 on demand dent

LiveMint logoLiveMint 25-09-2017 PTI

New Delhi: Gold prices dropped for the second successive session on Monday by Rs100 to Rs30,700 per 10 grams, driven down by a sluggish trend overseas amid muted interest from local jewellers. Silver, however, recouped Rs250 to Rs40,750 per kg on scattered enquiries from industrial units and coin makers.

The US dollar firmed up and the euro edged lower on political developments in Germany, easing demand from local jewellers at the domestic spot market, which mainly kept gold prices lower. Globally, gold prices fell 0.42% to $1,291.60 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity slumped Rs100 each to Rs30,700 and Rs30,550 per 10 grams, respectively. The precious metal had shed Rs50 on Saturday. Sovereign, however, held steady at Rs24,700 per piece of eight grams.

On the other hand, silver ready rose by Rs250 to Rs40,750 per kg while weekly-based delivery traded lower by Rs75 to Rs39,650. Silver coins, however, continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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