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Yellow Metal Begins New Week with 0.21% Drop

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Yellow Metal Begins New Week with 0.21% Drop

July 07
14:29 2014

goldNew Delhi, Monday, July 7 – Rates of the yellow metal lost its footing by 0.21 % to be a bit below INR. 27,500 mark. For the reason that investors cut positions in the course of a feeble fashion out of the country, it skidded to INR 27,499 per ten gm in futures trade on the first working day of the week.

Detailing it further, in the total sales of 101 lots at the MCX, the precious metal for delivery in next month dipped by INR 58, or say, 0.21 %, to be at INR 27,499 per ten gm. In the same way, the gold for delivery in the first month of last quarter dropped by INR 50, or 0.18 %, to be at INR 27,586 per ten gm in a single lot.

More than a few analysts mentioned that a fragile fashion in foreign markets in view of the fact that the prospect for elevated borrowing costs in the United States of America reinforced the greenback, lowering requirement for the gold, kept stress on its rates at futures trade at this juncture. On July 7 in Singapore, the precious metal changed hands being 0.40 % down to be at $1,315.57 per ounce.

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