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Gold prices plunge by Rs 600 on weak global cues

October 31, 2014

New Delhi-India (Oct 31)   Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.

 Besides, subdued demand from jewellers and retailers following end of festive season and shifting of funds towards soaring equity markets, weighed on prices of the precious metal.

 Silver followed suit and recorded a sharp fallof Rs 1,700 to Rs 36,150 per kg on poor offtakr by industrial units and coin dealers.

Bullion dealers said a weak trand in global markets as US economic data and a stronger dollar erode demand mainly put pressure on the precious meatl prices.

Gold in Singapore, which normally sets price trend on the domestic front, fell 2.6 per cent to USD 1,167.49 an ounce,the lowest since July 2010. And silver plunged three per cent to USD 16.00 an ounce, the lowest since February 2010.

Source: IndiaTimes

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