Gold, silver fall on global cues, low demand

Gold prices fell by Rs 120 to Rs 26,130 per 10gm at the bullion market on Thursday, largely in line with a weakening trend abroad amid low demand from jewellers.

Silver dropped for a fourth day, too, and lost another Rs 480 to Rs 34,700 a kg on poor offtake by industrial units and coin makers.

Traders said sentiment dampened after gold fell for a fourth day in the global market following the US Fed's indication of a hike in interest rate this year, boosting the dollar and curbing demand for the precious metal as an asset.

In Delhi, gold of 99.9 and 99.5 per cent purity plunged by Rs 120 each to Rs 26,130 and Rs 25,980 per 10gm respectively.

Sovereign, however, remained steady at Rs 23,000 a piece of eight gram in limited deals.

Tracking gold, silver ready fell by Rs 480 to Rs 34,700 a kg and weekly-based delivery by Rs 495 to Rs 34,610 a kg.

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