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Gold prices dropped to a ten-month low today by falling Rs 100 to Rs 29,500 per ten grams due to sustained selling by stockists, influenced by a weak global trend.
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Gold prices, global market
Pic Courtesy : BCCL
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2/7
However, silver recovered by Rs 500 to Rs 51,750 per kg on low level buying by industrial units. The metal had tumbled Rs 2,250 in last two sessions to hit 15-month lows yesterday.
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|Gold Prices, global market
Pic Courtesy : BCCL - Non Copyright
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3/7
Sentiment in gold remained bearish after it extended losses in global markets, on concern that investors are seeking higher returns in other assets as the global economy recovers.
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Gold prices, global market
Pic Courtesy : BCCL
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4/7
Gold in global markets, which normally set price trend on the domestic front, lost 1% to USD 1,541.82 an ounce, the lowest level since May 30 and silver by 1% to USD 26.73 an ounce, the lowest level since July 24 in Singapore.
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Gold prices, global market
Pic Courtesy : BCCL
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5/7
In addition, sustained selling by stockists following sluggish demand on off marriage season further fuelled the downtrend. On the domestic front, gold of 99.9 and 99.5% purity fell further by Rs 100 each to Rs 29,500 and Rs 29,300 per ten grams, respectively. Sovereign held steady at Rs 25,100 per piece of eight gram in limited deals.
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gold price
Pic Courtesy : BCCL - Non Copyright
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