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Gold loses sheen on weak global cues, muted demand

Gold loses sheen on weak global cues, muted demand

Fri June 16 2017


Gold continued its slide for the third straight day and lost another ` 50 to ` 29,115 per 10 grams tracking weak global cues and muted demand from local jewellers at the bullion market today.


Silver also declined by ` 50 to ` 39,050 per kg due to reduced offtake by industrial units and coin makers.


Traders said, besides weak trend overseas as upbeat US economic data strengthened the dollar and eroded demand for the precious metals, fading demand from local jewellers and retailers at domestic spot market, mainly kept pressure on gold prices.


Globally, gold fell by 0.51 per cent to USD 1,253.70 an ounce and silver by 0.80 per cent to USD 16.73 an ounce in New York in yesterday's trade.


In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by ` 50 each to ` 29,115 and ` 28,965 per 10 grams, respectively. The precious metal has lost ` 155 in last two days.


Sovereign, however, remained flat at ` 24,400 per piece of eight grams.


In sync with gold, silver ready eased by ` 50 to ` 39,050 per kg and weekly-based delivery traded lower by ` 200 to ` 38,765 per kg.


On the other hand, silver coins remained steady at ` 72,000 for buying and ` 73,000 for selling of 100 pieces.


Source: http://economictimes.indiatimes.com