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Gold prices turn weak on poor demand

LiveMint logoLiveMint 08-05-2017 PTI

Mumbai: Gold prices turned weak at the bullion market on Monday owing to slackened demand from jewellers and retailers at prevailing levels even as the metal strengthened overseas.

Elsewhere, silver eased further for the fifth session owing to subdued demand from consuming industries. Standard gold (99.5 purity) moved down by Rs 25 per 10 grams to finish at Rs 28,210 from its last weekend’s level of Rs 28,235.

Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,360 per 10 grams from Rs 28,385. Silver (.999 fineness) declined by Rs 35 to conclude at Rs 38,590 per kg from last Friday’s close of Rs 38,625.

Globally, gold prices rose on bargain-hunting having dipped to a seven-week low earlier as safe-haven demand ebbed away after Emmanuel Macron won the French presidential election, with a similar trend seen in other markets.

Spot gold rose 0.5% to $1,233.33 per ounce at early trade, after touching 1,224.86 earlier in the session, its lowest level since 17 March. Spot silver rose 0.4% to $16.35 an ounce.

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