Gold slumps to 2-week low, sheds Rs 400 on global cues

Falling for the 2nd day, gold lost its sheen with the aid of plunging any other Rs 400 to change at two-week low of Rs 29,150 per 10 grams on Friday, monitoring a weak development in a foreign country.

moreover, reduced offtake via jewellers due to slackened demand at the home spot market at prevailing level too hit sentiment.

Silver cracked below the Rs forty one,000-mark via tumbling Rs 550 to Rs 40,950 per kg on terrible offtake by means of industrial units and coin makers.

merchants said sentiment was once downbeat, mostly in sync with a susceptible development in a foreign country. A rally in america stock markets that noticed Dow Jones crossing 20,000 the previous day for the primary time, along with more desirable American foreign money and Treasury yields, hit the dear metals' secure haven enchantment.

Globally, gold value fell 0.37 per cent to $1,183.90 an ounce, and silver with the aid of 0.27 per cent to $16.70 per ounce in Singapore.

within the national capital, gold of 99.9 per cent and ninety nine.5 per cent purity recorded a steep fall of Rs four hundred each and every to Rs 29,one hundred fifty and Rs 29,000 per 10 grams, 

respectively — a level closing seen on January 12 when it had closed at Rs 29,250. the dear metallic had lost Rs 175 on Wednesday.

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