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Gold slumps another Rs 350 to hit six-month low of Rs 29000

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 2 Dec 2016 12:32 AM GMT

Gold slumps another Rs 350 to hit six-month low of Rs 29000
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Gold touches fresh all-time high; silver plunges Rs 1,100
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New Delhi: Gold continued to fall for the second consecutive day as it slumped another Rs 350 to reach a six-month low of Rs 29,000 per 10gm in the bullion market on Thursday.

The fall was registered amid weakening global trend and a huge decline in demand from jewellers in the domestic market.

Silver also saw a major fall reaching below 41,000-mark. It tumbled by Rs 735 to Rs 40,700 per kg due to reduced off take by industries and coin makers.

According to the traders, the weak global trend due to surge in price of dollar, reaching to its highest point in at least a decade against a number of currencies, and expectations that US Fed is planning to increase rates, has inspired downbeat sentiment in the market.

Gold has fallen 1.25 percent to $1,173 per ounce in New York on Wednesday. Silver too went down by 0.81 percent to $16.48 an ounce.

The traders also added that a huge fall in demand from the jewellers and retailers in the domestic bullion market because of shortage of funds has also affected the gold price.

The fund crises has prevailed in the domestic bullion market due to government's November 8 decision of scrapping the Rs 500 and Rs 1,000 notes, in a bid to curb black money.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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