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Gold suffers second biggest fall this year

Last updated on: May 15, 2013 17:53 IST

Gold suffers second biggest fall this year

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Gold on Wednesday witnessed its second biggest loss this year of Rs 600 to Rs 27,300 per 10 grams due to reduced offtake amid weak global trend.

Silver prices followed suit and dropped by a massive Rs 800 to Rs 44,700 per kg on reduced offtake by jewellers and industrial units.

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Image: Gold rings are displayed for customers at a jewellery shop in Seoul.
Photographs: Truth Leem/Reuters.
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Traders said hectic selling by stockists on the back of sluggish demand at prevailing higher levels and a steep fall in global markets, mainly pulled down both gold and silver prices.

This is gold's second biggest fall this year since April 15, when it had plunged by Rs 1,160 to Rs 26,640 per 10 grams.

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Image: A customer tries on a gold necklace at a gold shop in Hanoi.
Photographs: Kham/Reuters.
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Gold in London, which normally sets the price trend on the domestic front, dropped to three-week low as a stronger dollar curbed demand for an alternative investment and bullion holdings declined, also dampened the sentiment, they said.

Besides, shifting of funds from weakening bullion to rising equity also influenced the precious metals.

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Image: Five-tael (6.65 ounces or 190 grams) gold bars are seen at a jewellery store in Hong Kong.
Photographs: Bobby Yip/Reuters.
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On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 600 each to Rs 27,300 and Rs 27,100 per 10 grams, respectively, after surging Rs 380 each on Tuesday.

Sovereigns, however, held steady at Rs 24,000 per piece of eight grams in scattered deals.

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Image: An employee holds a gold key during a photo opportunity at a jewellery shop in Seoul.
Photographs: Truth Leem/Reuters.
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In a similar fashion, silver ready plunged by Rs 800 to Rs 44,700 per kg and weekly-based delivery by Rs 930 to Rs 43,940 per kg.

However, silver coins continued to be asked around previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.



Image: A woman checks a gold waist belt inside a jewellery shop in Hyderabad.
Photographs: Krishnendu Halder/Reuters.
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