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Gold ends lower on weak global trend; silver plunges too

Press Trust of India  |  Mumbai 

Weakening for the fourth session, gold prices today fell by Rs 185 per 10 grams at Rs 29,215 per ten grams at the bullion market here today, mostly due to sluggish demand from jewellers and weak global trend.

Silver prices too remained under selling pressure and cracked below the Rs 38,000-mark by falling Rs 340 per kg.

Pure gold (99.9 purity) also fell to end at Rs 29,215 per 10 grams as compared to Rs 29,400.

Standard gold (99.5 purity) dropped by Rs 185 to Rs 29,065 per 10 grams from Friday's closing level of Rs 29,250.

Silver (.999 fineness) plunged by Rs 340 per kg to finish at Rs 37,730 compared to Rs 38,070 earlier.

Globally, the price of gold fell towards the four-week lows hit last week as the dollar rose after US politicians over the weekend approved a major overhaul and the market looked ahead to a meeting of the Federal Reserve later this month.

Spot gold was down 0.6 per cent at USD 1,273.00 an ounce, at early trade compared with last Thursday's USD 1,270.11, its lowest level since November 6.

Meanwhile, silver slipped 0.9 per cent to USD 16.29 an ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 18:20 IST