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Gold drops on low demand, silver also slips

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Press Trust of India Mumbai

Silver also slipped following hectic speculative selling amidst reduced industrial off-take.

Standard gold (99.5 purity) eased by Rs 35 to finish at Rs 29,160 per 10 grams from Thursday's closing level of Rs 29,195.

Pure gold (99.9 purity) moved down by Rs 40 to close at Rs 29,290 per 10 grams from Rs 29,330.

Silver ready (.999 fineness) dropped by Rs 445 per kg to conclude at Rs 52,495 from Rs 52,940 previously.

"The demand is mute for the yellow metal due to uncertain cues from overseas markets and overall weak investor sentiment," traders said.

In Europe, gold eased in a range-bound trade on investor cautiousness and lower euro amidst hopes of fresh monetary measures to stimulate US economy.

 

Spot gold was bid down at USD 1,579.70 an ounce in early trade and silver too was bid lower at USD 27.05 an ounce.

  

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First Published: Jul 20 2012 | 6:36 PM IST

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