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Gold, silver prices fall in Mumbai, US Federal Reserve effect seen

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Gold prices fell by Rs 65 to Rs 30,365 per ten grams while Silver lost Rs 425 to Rs 44,225 per kg. Reuters Gold prices fell by Rs 65 to Rs 30,365 per ten grams while Silver lost Rs 425 to Rs 44,225 per kg. Reuters
SummaryGold, silver prices fell after US Federal reserve's announcement which reduced demand for precious metals as alternative assets.

Gold prices fell by Rs 65 to Rs 30,365 per ten grams in the national capital today on stockists selling in tandem with a weak global trend, while silver lost Rs 425 to Rs 44,225 per kg on reduced offtake.

In Mumbai, gold of 99.9 per cent purity traded lower at Rs 29,950 per ten grams and silver lost Rs 200 to Rs 44,200 per kg on reduced offtake by coin makers.

Traders said stockists selling in line with a weak global trend as an improving US economy prompted the Federal Reserve to cut stimulus, which reduced demand for precious metals as alternative assets.

Gold in London, which normally sets price trend on the domestic front, declined by 1.5 per cent to USD 1,199.63 an ounce, the lowest since June 28. Silver also fell by 2.2 per cent to USD 19.30 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 65 each to Rs 30,365 and Rs 30,165 per ten grams, respectively; while sovereign held steady at Rs 25,200 per piece of eight gram.

Silver ready remained under selling pressure and surrendered further Rs 425 to Rs 44,225 per kg and weekly-based delivery by Rs 420 to Rs 44,580 per kg.

The white metal had lost Rs 430 yesterday.

Silver coins maintained steady trend at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

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