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Gold falls on global cues, muted demand

Snapping its five-day rising streak, gold prices slipped by Rs 30 to Rs 31,520 per 10 grams at the bullion market amid slackened demand from jewellers at domestic spot market and a weak trend overseas.

By: | New Delhi | Published: September 23, 2016 2:33 PM
Sovereign Gold Bonds 5th tranche opens today; 7th Pay Commission payout begins, should you invest? Globally, gold fell 0.19 per cent to ,334.20 an ounce in Singapore. (Source: Reuters)

Snapping its five-day rising streak, gold prices slipped by Rs 30 to Rs 31,520 per 10 grams at the bullion market today amid slackened demand from jewellers at domestic spot market and a weak trend overseas.

However, silver held steady at Rs 46,800 per kg in scattered deals from industrial units.

Traders said besides a subdued trend in global market, easing demand from jewellers and retailers at prevailing levels led to fall in gold prices.

Globally, gold fell 0.19 per cent to $1,334.20 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 30 each to Rs 31,520 and Rs 31,370 per 10 grams, respectively. The precious metal had gained Rs 550 in the previous five sessions.

Sovereign, however, held steady at Rs 24,500 per piece of eight grams.

On the other hand, silver ready held steady at Rs 46,800 per kg on scattered support, while weekly-based delivery edged up by Rs 35 to Rs 47,185 per kg.

Silver coins, however, ruled flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

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