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Gold, silver prices turn weak on global cues, subdued demand

LiveMint logoLiveMint 03-07-2017 PTI

Mumbai: Gold fell further by Rs 285 per ten grams at the bullion market today, tracking a weak trend overseas amid slackened demand from local jewellers.

Silver also dropped below Rs 39,000-mark by falling Rs 420 per kg on poor offtake by industrial units and coin makers. Standard gold (99.5 purity) slid by Rs 285 to conclude at Rs 28,335 per 10 grams from last Friday’s closing level of Rs 28,620.

Pure gold (99.9 purity) also shed by a similar margin to end at Rs 28,485 per 10 grams compared to Rs 28,770 earlier. Silver (.999 fineness) slumped by Rs 420 to finish at Rs 38,660 per kg from Rs 39,080 previously.

Globally, gold prices fell, adding to what was the precious metal’s first monthly decline since March as a steadying US dollar rebounded from last week’s sharp loss and indications for stock gains weighed on haven investments.

At early trade, August gold on Comex fell $8.70, or 0.7%, to $1,233.50 an ounce. The contract settled on Friday at $1,242.30, leaving it down about 1.1% for the week and 2.6% for the month. Silver for September also joined in gold’s retreat. It tumbled 16 cents, or 1%, to $16.465 an ounce.

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