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Gold, silver fall on sluggish demand and weak global cues

Tuesday, 29 July 2014 - 4:36pm IST | Place: Mumbai | Agency: PTI
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Snapping its two-day gaining streak, gold prices declined by Rs 20 to Rs 28,350 per ten gram in the national capital today owing to slackened demand at existing levels amid a weak global trend.

Silver also lacked necessary buying support from industrial units and eased by Rs 400 at Rs 44,400 per kg.

Traders said besides sluggish demand from jewellers and retailers at current levels, weak global trend mainly kept pressure on gold and silver prices.
Gold in New York, which normally sets price trend on the domestic front, fell 0.37 per cent to USD 1,303.50 an ounce and silver by 0.87 per cent to USD 20.57 an ounce in yesterday's trade.

In Delhi, gold of 99.9 and 99.5 per cent purity traded lower by Rs 20 each to Rs 28,350 and Rs 28,150 per ten gram respectively. It had gained Rs 270 in the previous two days.

Sovereign, however, held steady at Rs 24,900 per piece of eight gram.

In line with a general weak trend, silver ready prices drifted by Rs 400 at Rs 44,400 per kg and weekly-based delivery by Rs 200 to Rs 44,170 per kg, while silver coins remained flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.




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