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Gold drops Rs 100 on global cues, muted demand
Silver held steady at Rs 38,700 per kg in limited deals from consuming industries. Traders said a weakening trend in the overseas markets on firmer dollar against some currencies on US Fed' plan to stick to hiking rates kept gold prices lower. Tepid demand from local jewellers and retailers at the domestic spot markets also fuelled the downtrend, they added. Globally, gold fell 0.78 per cent to USD 1,243.60 an ounce in New York on Monday.
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