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Gold prices drop on subdued demand, global cues

Gold prices declined by Rs 120 to  Rs 27,070 per 10 grams at the bullion market yesterday due to  sluggish demand from jewellers amid a weakening trend  overseas,reports PTI.
Silver followed suit and traded lower by Rs 135 to Rs  36,750 per kg on reduced offtake by industrial units and coin  makers.
Traders said apart from low demand from jewellers and  retailers, a weakening global trend mainly kept precious  metals under pressure.
Gold in London, which normally sets price trend on the  domestic front, fell by 0.87 per cent to USD 1,193.40 an ounce  and silver was down by 1.01 per cent to USD 16.11 an ounce.
In the national capital, gold of 99.9 and 99.5 per cent  purity fell by Rs 120 each to Rs 27,070 and Rs 26,870 per 10
grams, respectively.

It had lost Rs 95 in last two sessions.  Sovereign also eased by Rs 100 to Rs 23,600 per piece of  eight grams.  Tracking weakness in gold, silver ready declined by Rs  135 to Rs 36,750 per kg and weekly-based delivery fell by Rs  125 to Rs 36,140 per kg.      Silver coins also fell by Rs 1,000 to Rs 58,000 for  buying and Rs 59,000 for selling of 100 pieces.

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