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Gold, silver tumble on reduced offtake, weak global cues

PTI  Mumbai, November 02, 2012
First Published: 15:25 IST(2/11/2012) | Last Updated: 15:27 IST(2/11/2012)

Both the precious metals, gold and silver, fell in the national capital on Friday as demand declined at existing higher levels amid a weak global trend.


While gold suffered a steep fall of Rs. 280 to Rs. 31,220 per 10 grams, silver plunged by Rs. 750 to Rs. 59,500 per kg on reduced offtake by stockists and industrial units.

Traders said sentiment turned bearish after gold weakened in global markets as reports on US employment, manufacturing and consumer confidence signalled improvement in the world’s largest economy, boosting the dollar, hurting demand for bullion.

In Singapore, gold lost 0.5% to $1,706.31 an ounce and silver fell by 1% to $31.93 an ounce.

On the domestic front, gold of 99.9 and 99.5% purity lost Rs. 280 each to Rs. 31,220 and Rs. 31,020 per 10 grams, respectively, while sovereigns remained steady at Rs. 25,450 per piece of eight grams.

In line with a general weak trend, silver ready dropped by Rs. 750 to Rs. 59,500 per kg and weekly-based delivery by Rs. 785 to Rs. 59,300 per kg, respectively. However, silver coins continued to be enquired around previous level of Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.

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