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Gold, silver extend losses on global cues, sluggish demand

Mumbai: Falling for the second straight day, gold prices went down by Rs 35 per 10 grams at the bullion market here today, tracking a weak global trend amid a subdued demand from jewellers.

Elsewhere, silver continued its slide on poor offtake by industrial units and coin makers. Standard gold (99.5 purity) fell by Rs 35 to finish at Rs 28,175 per 10 grams from Monday’s closing level of Rs 28,210.

Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 28,325 per 10 grams from Rs 28,360 earlier. Silver (.999 fineness) slumped by Rs 170 per kg to conclude at Rs 38,420 as against Rs 38,590 yesterday.

Globally, gold fell to its lowest since mid-March as the election of centrist Emmanuel Macron as French president reduced demand for bullion as a safe haven while stocks and the dollar rose and US bond yields hit a one-month high.

The spot gold price was little changed at USD 1,225.80 an ounce at early trade after earlier falling to USD 1,223.34, its lowest since March 16. In other precious metals, silver was down 0.5 per cent at USD 16.16 an ounce.