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Precious Metals Decline on Global Economic Concerns

ByCommodityOnline
Published 02/19/2012, 03:14 AM
Updated 05/14/2017, 06:45 AM
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Spot gold prices ended on a flat note in yesterday’s trading session and touched an intra-day low of $1705/oz. The yellow metal closed at the level of $1727/oz on Thursday.

MCX Gold April contract declined around 0.2 percent on account of appreciation in the Indian currency.

The yellow metal touched an intra-day low of Rs28, 030/10 gms and ended it trading session at the level of Rs28, 127/10 gms yesterday.

China has overtaken India as the world's largest gold consumer as buyers in Indian avoided the yellow metal due to rise gold prices.

According to the World Gold Council, demand for jewellery, and gold bars and coins declined by 42 percent to 173 tonnes during the fourth quarter of 2011, whereas demand in China increased to 190.6 tonnes at the same time as compared to 190.3 tonnes a year ago. This is the first time when India dropped to the second position in gold consumption rankings.

Silver

Weakness in the US dollar helped silver prices to trade higher by 0.4 on the international markets on Thursday.

However, sharp gains were capped due to downside witnessed by the base metals pack yesterday. The white metal touched an intra-day high of $33.54/oz and closed at $33.5/oz on Thursday.

On the MCX, Silver March contract dropped around 0.2 percent yesterday due to a stronger Rupee and touched an intra-day low of Rs55, 551/kg.

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