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Silver prices slump over Rs 1,300 on global cues, gold prices fall

LiveMint logoLiveMint 04-07-2017 PTI

New Delhi: Silver prices on Tuesday settled below the Rs39,000-mark by falling a sharp Rs 1,335 to Rs 38,265 per kg, hammered by poor global cues amid lower offtake by industrial units.

Gold prices lost Rs 90 at Rs 29,310 per 10 grams as demand from local jewellers faded.

According to traders, muted demand from industrial units and coin makers at the domestic spot market, coupled with a weak trend overseas, kept the silver prices depressed.

Globally, silver fell 2.98% to $16.11 an ounce and gold 1.73% to $1,219.70 an ounce in New York on Monday as a stronger dollar dented the appeal of the precious metals.

In the national capital, silver ready recorded a sharp fall of Rs1,335 to Rs38,265 per kg and weekly-based delivery crashed by Rs1,090 to Rs37,265.

Silver coins, however, held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. Gold of 99.9 per cent and 99.5% purity declined by Rs 90 each to Rs 29,310 and Rs 29,160 per 10 grams, respectively. The precious metal had shed Rs 10 on Monday.

Sovereign, in restricted activity, also traded lower by Rs 100 to Rs 24,400 per piece of eight grams.

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