Gold price falls further on subdued demand, silver firms up
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Gold prices fell further at the domestic bullion market here today due to sluggish demand from traders and investors.
On the other hand, silver firmed up on speculative demand as well as good industrial offtake.
Standard gold (99.5 purity) slid by Rs 120 to finish at Rs 29,430 per 10 grams from Monday's closing level of Rs 29,550.
Pure gold (99.9 purity) dipped by Rs 125 to end at Rs 29,555 per 10 gm against previous closing of Rs 29,680.
However, silver ready (.999 fineness) rallied by Rs 205 per kg to conclude at Rs 53,240 as compared to Rs 53,035 yesterday.
In New York, gold settled lower in a choppy trade after enthusiasm over Europe's plan to shore up banking sector diminished.
Gold for August delivery declined by USD 6.50 to USD 1,597.70 an ounce on the Comex division of the NYMEX late yesterday, while silver for September contract eased 11 cents to USD 27.50 an ounce.
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