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Gold or Silver? Which one to buy for gains in 2017
Gold prices drifted lower by Rs 90 to Rs 27,860 per 10 grams today, tracking a weak trend in global market and a fall in demand from local jewellers due to scarcity of funds.
Silver also cracked below the Rs 39,000-mark by plunging Rs 750 to Rs 38,900 per kg on poor offtake by industrial units and coin makers.
Silver was down 0.31% at USD 15.85 an ounce. In the national capital, 99.9% and 99.5 percent purity gold fell by Rs 90 each to Rs 27,860 and Rs 27,710 per 10 grams, respectively. The yellow metal had gained Rs 100 in yesterday's trade.
Traders said that apart from a weak trend overseas, considerable drop in demand from jewellers and retailers at domestic spot market, hit by prevailing cash crunch due to demonetization, weighed on the precious metal prices. On November 8, the government had announced its decision to demonetise 500 and 1,000 rupee notes in a bid to flush out black money, leading to the cash drought.
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