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Gold hits over 3-month low on global cues, muted demand

NEW DELHI(PTI):Silver recovers by Rs. 200 to Rs. 38,800 per kg on scattered buying support from industrial units.

Gold prices plunged by Rs. 145 to trade at over a three-month low of Rs. 28,720 per ten grams at the bullion market on Friday, tracking a weak trend overseas along with sluggish demand from jewellers at spot market.

However, silver recovered by Rs. 200 to Rs. 38,800 per kg on scattered buying support from industrial units.

Bullion traders said apart from a weak trend overseas, muted demand from jewellers and retailers at domestic spot market mainly weighed on the prices.

Global scenario

Globally, gold fell 0.19 per cent to USD 1,210.40 an ounce in New York in Thursday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity slipped by Rs. 145 each to Rs. 28,720 and Rs. 28,570 per ten grams, respectively, a level last seen on February 18, 2016. The precious metals had lost Rs. 135 on Thursday.

Sovereign steady

Sovereign, however, held steady at Rs 22,800 per piece of eight grams.

On the other hand, silver ready recovered by Rs. 200 to Rs. 38,800 per kg and weekly-based delivery by Rs. 95 to Rs. 38,590 per kg.

And, the silver coins…

Silver coins, however, continued to trade at previous levels of Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.

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