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Gold drops Rs. 180 on subdued demand global cues

Gold prices fell by Rs. 180 at Rs. 28,090 per 10 gram at the bullion market on Wednesday on slackened demand from jewellers and retailers amid a weakening global trend. Silver also fell by Rs. 50 at Rs. 38,400 per kg on reduced off-take by industrial units and coin makers. Traders said besides sluggish demand from jewellers and retailers at current levels, a weakening global trend as easing concerns on Greek debt boosted global equities, mainly kept pressure on gold and silver prices. Gold in New York, which normally sets price trend on the domestic front, fell by 1.08 per cent to $1,260.10 an ounce in

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Tuesday’s trade. In the national capital, gold of 99.9 and 99.5 per cent purity moved down by Rs. 180 each at Rs. 28,090 and Rs. 27,890 per 10 gram, respectively. It had lost Rs. 180 on Tuesday. Sovereign however, remained flat at Rs. 24,000 per piece of eight gram in limited deals. In line with a general weak trend, silver ready declined by Rs. 50 at Rs. 38,400 per kg but weekly-based delivery traded marginally higher by Rs. 25 at Rs. 38,025 per kg. On the other hand, silver coins continued to be traded at last level of Rs. 63,000 for buying and Rs. 64,000 for selling of 100 pieces. Source: TheHindu

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