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Gold extends losses on tepid demand, global cues

Press Trust of India  |  Mumbai 

Gold prices fell further by Rs 105 per 10 grams at the bullion market today, tracking a weak trend overseas amid muted demand from local jewellers.

Silver also dropped by Rs 185 per kg for the ninth day backed by reduced offtake by industrial units.

Standard gold (99.5 purity) fell by Rs 105 to finish at Rs 28,565 per 10 grams from last Friday's closing level of Rs 28,670.

Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs 28,715 per 10 grams as compared to Rs 28,820.

Silver (.999 fineness) declined by Rs 185 to conclude at Rs 38,775 per kg against last weekend's level of Rs 38,960.

Globally, gold hit four-week lows as the dollar held firm and the market waited for comments from a top Federal Reserve official on US monetary policy, but prices were supported by the start of talks on the terms of Britain's departure from the European Union.

Spot gold was down 0.2 per cent at USD 1,251 an ounce at early trade, up from an earlier USD 1,248.63, its lowest since May 24.

Silver gained 0.3 per cent to USD 16.63 an ounce.

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

First Published: Mon, June 19 2017. 17:57 IST