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Gold prices fall by Rs 50; silver slips below Rs 40,000 on sluggish demand

Globally, gold fell 1.14 per cent to $1,323.70 an ounce and silver by 0.54 per cent to $16.62 an ounce in New York on Tuesday

Press Trust of India  |  New Delhi 

Gold

shed Rs 50 to Rs 31,550 per 10 gram at the bullion market on Wednesday, owing to slackened from local jewellers amid a weak trend overseas. too slumped below the Rs 40,000-mark by plunging Rs 650 to Rs 39,350 per kg due to reduced offtake by industrial units and coin makers. Bullion traders said fall in from local jewellers and retailers at existing levels and bearish trend overseas as investors focused on expectations that Federal Reserve may hike rates, mainly weighed on and prices. Higher make a less attractive investment as it pays no interest. Globally, fell 1.14 per cent to $1,323.70 an ounce and by 0.54 per cent to $16.62 an ounce in New York on Tuesday. In the national capital, of 99.9 per cent and 99.5 per cent purity shed Rs 50 each to Rs 31,550 and Rs 31,400 per 10 gram, respectively.

The precious metal had gained Rs 350 in last two days. Sovereign however remained unaltered at Rs 24,800 per piece of eight gram. In step with gold, ready plunged by Rs 650 to Rs 39,350 per kg and weekly-based delivery by Rs 405 to Rs 38,555 per kg. coins however continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

First Published: Wed, February 07 2018. 16:29 IST
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