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Gold declines on sluggish demand amid global uncertainty

PTI 05 Jun 2014, 18:30:30 PM IST
Mumbai: Gold prices continued to fall for the fourth straight day at the domestic bullion market here due to the lack of demand from jewellery stockists and retailers amid bearish overseas sentiment.

Silver also moved down further on reduced industrial offtake.

Standard gold (99.5 purity) eased by Rs 70 to conclude at Rs 26,700 per 10 grams from Wednesday's closing level of Rs 26,770.

Pure gold (99.9 purity) slipped by Rs 65 to close at Rs 26,850 per 10 grams from Rs 26,915.

Silver (.999 fineness) lost by Rs 65 to finish at Rs 40,665 per kg, compared to Rs 40,730 yesterday.

On the global front, the yellow metal traded lower amid extreme volatility ahead of the ECB's interest rate decision and the US weekly jobless claims data.

Gold for August delivery settled at USD 1,244.30 an ounce on the comex division of NYMEX late yesterday, while silver gained modestly to USD 18.79 an ounce.