The gold prices fell further by Rs 45 per 10 grams to Rs 14,485 on the bullion market here on Tuesday. The silver also followed the same trend and dropped due to lack of demand from the industrial users following weak global cues. The gold futures retreated in New York to the lowest level in near six weeks, as falling oil prices and a stronger dollar reduced the appeal of gold as a hedge against inflation.
On the Comex Division of the New York Mercantile Exchange, the gold August delivery slipped by $15.20 to close at $921 an ounce.
The July silver also sank 49.7 cents to $13.703 an ounce. In the domestic market, the standard gold (99.5 purity) fell by Rs 45 per ten grams to Rs 14,485.
The pure gold (99.9 purity) also fell with a similar margin of Rs 45 per 10 grams to Rs 14,550 as against Rs 14,595 previously.
The silver ready (.999 fineness) dipped by Rs 100 per kilo to Rs 22,550 as against Rs 22,650 yesterday.
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