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Wednesday, 7 December 2016

Gold-Silver Trend: Gold extended and Silver too declined

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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