Gold extended its slump for the second day as it slipped
below the Rs 29,000 mark by falling Rs 250 to an over six-month low of Rs
28,800 per 10 grams in the bullion market today, following a subdued global
trend.
Additionally, reduced offtake by jewellers owing
to a considerable fall in demand at the domestic spot market in view of the
prevailing cash crunch following demonetisation of high-value notes hurt
sentiment.
MCX Free Tips: Silver too declined by Rs 100 to Rs
41,100 for every kg on reduced offtake by industrial units and coin makers.
Traders said sentiment was downbeat, largely in
sync with a weak global trend, where gold closed at near 10-month lows as
investors shrugged off the ongoing political turmoil in Italy that boosted
appeal of equities and other riskier assets.
Globally, gold price fell 0.60 per cent to USD
1,170 an ounce and silver by 0.06 per cent to USD 16.71 per ounce in New York
yesterday.
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