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Gold falls Rs 105 on global cues, weak demand

Gold is trading at Rs 31,000-mark at the bullion market.

WT24 Desk

Mumbai: Gold prices reversed its one week down-trend and recaptures the Rs 31,000-mark at the bullion market following increase in buying interest from stockists and jewellery buyers, also attributed to higher global cues, according to PTI.

Traders said sentiment remained upbeat on positive global cues, as dollar and treasury yields declined following US President Donald Trump’s cancellation of a planned meeting with North Korean leader Kim Jong Un.

Elsewhere, silver also rebounded sharply to close above the significant Rs 40,000 mark due to heavy speculative buying coupled with higher industrial demand.

In worldwide trade, Gold ended lower, pressured by strength in the US dollar, but prices held just above the key USD 1,300-an-ounce level to score a gain for the week.

June gold fell by 70 cents, to settle at USD 1,303.70 an ounce, but climbed roughly 1 per cent for the week. It settled at the highest finish since May 14, after President Donald Trump announced the cancellation of a June 12 meeting with North Koreas leader. US stocks briefly tumbled Thursday on news that Trump had pulled out.

In other trading, July silver slipped 0.8 per cent to USD 16.546 an ounce, for a roughly 0.6 per cent weekly gain.

In the New York Comex trade, gold for June delivery rose to settle at USD 1,303.70 an ounce compared to last weekend’s close of USD 1,291.30, while July silver contract climbed to end at USD 16.546 an ounce from USD 16.455 earlier.

On the domestic front, standard gold (99.5 purity) resumed lower at Rs 30,925 per 10 grams from last Friday’s closing level of Rs 30,945, and later moved in a range of Rs 30,910 and Rs 31,290, before finishing at Rs 31,205, revealing a rise of Rs 260, or 0.84 per cent.

Pure gold (99.9 purity) also commenced lower at Rs 31,075 per 10 grams compared to preceding weekend level of Rs 31,095 and later hovered in a range of Rs 31,060 and Rs 31,440, before ending at Rs 31,355, showing a rise of Rs 260 per 10 grams, or 0.84 per cent.

Silver ready (.999 fineness) opened lower at Rs 39,650 per kilo gram from last Friday’s closing level of Rs 39,795 and moved in a range of Rs 39,715 and Rs 40,330 before settling at Rs 40,305, showing a modest rise of Rs 510 per kilo, or 1.28 per cent.

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