Gold rush! Precious metal at its cheapest in six months

December 01, 2016 15:33

Gold extended its slump for the second day and shed another Rs 350 to hit a six-month low of Rs 29,000 per 10 grams in the bullion market today amid weakening global trend and considerable fall in demand from jewellers at the domestic spot market.

Silver went below the Rs 41,000-mark, tumbling by Rs 735 to Rs 40,700 per kg on reduced offtake by industrial units and coin makers. Traders said sentiment was downbeat, largely in keeping with a weak global trend as the dollar surged to its highest in at least a decade against a basket of currencies on strong economic data and signs that the US Fed is inching towards increasing rates, eroded the metals' appeal as safe-haven assets.

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