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Gold prices tumble Rs100 on global cues, low demand

LiveMint logoLiveMint 02-06-2017 PTI

New Delhi: Gold prices drifted lower by Rs100 to Rs29,250 per 10 grams on Friday at the bullion market on Friday, tracking a weak trend overseas amid slackened demand from local jewellers.

Silver followed suit and slumped below the Rs40,000-mark by plunging Rs850 to Rs39,300 per kg on poor offtake by industrial units and coin makers.

Marketmen said apart from a weak trend overseas as the dollar firmed up after upbeat US private sector jobs numbers, drop in demand from local jewellers at the domestic spot market mainly led to the fall in gold prices. Globally, gold fell 0.29% to $1,261.70 an ounce and silver by 0.35% to $17.21 an ounce in Singapore.

Also Read: Global gold prices hit one-week low as stocks, dollar gain after upbeat US data

In the national capital, gold prices of 99.9% and 99.5% purity declined by Rs100 each to Rs29,250 and Rs29,100 per 10 grams, respectively.

The precious metal had gained Rs250 in Thursday’s trade. Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

Following gold, silver ready dropped by Rs 850 to Rs 39,300 per kg and weekly-based delivery by Rs 735 to Rs 39,200 per kg.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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