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Gold prices slide sharply on selling, global decline

Gold prices drifted sharply at the domestic bullion market in Mumbai on Saturday due to heavy selling from jewellery stockists and retailers amid subdued local demand.

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Gold prices drifted sharply at the domestic bullion market in Mumbai on Saturday due to heavy selling from jewellery stockists and retailers amid subdued local demand.

Elsewhere, silver also fell modestly after a brief overnight pause owing to lack of industrial support.

Standard gold (99.5 purity) slumped by Rs 100 to finish at Rs 26,655 per 10 grams from Friday's closing level of Rs 26,755.

Pure gold (99.9 purity) also went down by a similar margin to end at Rs 26,805 per 10 grams as compared to Rs 26,905 previously.

Silver (.999 fineness) declined by Rs 80 to conclude at Rs 36,770 per kg as against Rs 36,850 on Friday.

In global markets, the yellow metal plummeted sharply to hit its lowest level in more than a month on the back of heavy investors selling tracking a mixed bag of US macro indicators amidst extreme caution ahead of FOMC meeting next week.

Gold for June delivery fell to settle at US $1,176.60 an ounce on the Comex division of the NYMEX late on Friday, while silver for May contracts moved down to US $15.675 an ounce.

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