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Gold prices weaken on muted demand

LiveMint logoLiveMint 16-05-2017 PTI

New Delhi: After rising for three days, gold prices softened by Rs30 on Tuesday to Rs28,600 per 10 grams at the bullion market due to fall in demand from local jewellers even as the metal strengthened overseas, helping cap a further decline.

Silver prices, however, gained Rs400 to Rs38,900 per kg due to increased offtake by industrial units and coin makers. Marketmen said easing demand from local jewellers and retailers at existing levels weighed on gold prices but a firm trend overseas capped the fall.

Globally, gold rose 0.32% to $1,234.30 an ounce. Silver too traded 0.60% higher at $ 16.70 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity fell by Rs30 each to Rs28,600 and Rs28,450 per 10 grams, respectively.

It had gained Rs230 in the past three sessions. Sovereign also traded lower by Rs100 to Rs24,300 per piece of eight grams.

On the other hand, silver ready recovered by Rs400 to Rs38,900 per kg and weekly-based delivery by Rs270 to Rs38,720 per kg.

Silver coins were unaltered at Rs69,000 for buying and Rs70,000 for selling of 100 pieces.

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