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Gold, silver slide on global cues, fall in demand

NEW DEKHI: Gold costs dropped by Rs 820 to near at Rs 33,770 according to ten grams all through the week at the bullion market as a result of fall in demand from native jewellers and subdued global trend. Silver charges also noticed a decline all through the week and slipped beneath the Rs 40,000 mark on poor offtake by commercial units and coin makers.

Sentiment became downbeat in sync with the weak trend out of the country on a stronger dollar which soared to a 10-week prime and rising US treasury yields, boosted by better-than-expected US GDP information for the fourth quarter, launched all through the week.

Higher global stocks too weighed at the home bullion market sentiments.

Globally, spot gold ended the week lower at $1,293.90 an oz., its lowest since January 28 and silver at $15.29 an oz. in New York.

Moreover, a substantial fall in demand from native jewellers and retailers at home spot market too put power at the precious metal costs, they mentioned.

In the nationwide capital, gold of 99.nine according to cent purity, after a gradual opening at Rs 34,590 according to ten grams, became weak in tandem with subdued out of the country leads and fading demand from native jewellers and slipped regularly to end the week with a steep fall of Rs 820 at Rs 33,770.

Gold 99.five according to cent purity adopted suit and retreated by Rs 840 to Rs 32,600 according to ten gram.

Sovereign, too became moderately weak and shed Rs 100 at Rs 26,500 according to piece of eight grams.

Tracking overall developments, silver able remained within the detrimental zone for the better a part of the week and closed with a fall of Rs 1,550 to end the week at Rs 39,950 according to kg and weekly-based supply by Rs 1,968 to Rs 38,300 according to kg.

Silver cash dropped by Rs 2,000 each and every to Rs 81,000 for purchasing and Rs 82,000 for promoting of 100 pieces.

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