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Gold costs drifted lower by Rs 200 to Rs 29,050 per 10 gm at the gold bullion industry here today, monitoring a weak pattern international amongst tepid requirement in the domestic spot industry on existing cash crisis following demonetization of high value notices. Silver improved however by Rs 200 to Rs 41,200 per kg on improved off take by industrial units and cash makers.

Traders said that apart from a weak pattern international, fall widely used from jewelers and retailers in view of lack of funds considered on gold costs. Govt on Nov 8 had declared the demonetization of 500 and 1,000 rupee notices in a bid to get rid of out dark cash, resulting in cash crunch in the financial system. Worldwide, gold dropped by 0.64 % to USD 1,169.60 ounces in Singapore.

In the nation capital, 99.9 % and 99.5 % cleanliness gold dropped by Rs 200 each to Rs 29,050 and Rs 28,900 per 10 grams respectively. The jewelry had obtained Rs 250 in Saturday's trade. Sovereign, however, organized stable at Rs 24,400 per piece of eight grams in spread deals.

On the other hand, silver ready innovative by Rs 200 to Rs 41,200 per kg and weekly-based distribution by Rs 40 to Rs 40,365 per kg. Whereas, silver money stayed stable at Rs 74,000 for buying and Rs 75,000 for selling of 100 items.


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