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Gold tumbles to 1-month low on selling by stockists

LiveMint logoLiveMint 14-05-2014 PTI

New Delhi: Gold prices tumbled to one-month low by falling Rs350 to Rs29,950 per 10 grams in Delhi bullion market on Wednesday on fresh selling by stockists against fall in demand at prevailing levels.

Silver, however, extended gains for the third day by adding Rs50 to Rs42,300 per kg on increased offtake by industrial units.

Traders said fresh selling by stockists against slackened demand at current higher levels mainly led to fall in gold prices. In addition, appreciation in the rupee against the dollar also influenced the sentiment, they said.

In Delhi, gold of 99.9 and 99.5% purity plunged Rs350 each to Rs29,950 and Rs29,750 per 10 grams, respectively, a level last seen on 12 April. Sovereign followed suit and lost Rs100 at Rs25,000 per piece of eight grams.

On the other hand, silver ready continued its rising trend and gained another Rs50 to Rs42,300 per kg and weekly-based delivery inched up by Rs10 to Rs41,890 per kg. The white metal had gained Rs550 in the previous two sessions.

Silver coins met with resistance at higher levels and dropped by Rs1,000 to Rs79,000 for buying and Rs80,000 for selling of 100 pieces.

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