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Gold Rate Today: Gold, silver slip further on profit booking

US gold futures eased 0.3 per cent to $1,549.20.

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Last Updated: Jan 10, 2020, 02.01 PM IST
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Gold
Spot gold fell 0.3 per cent to $1,547.55 per ounce by 0334 GMT.
NEW DELHI: Bullion counters witnessed profit booking in Friday's session as tensions on the West Asian front eased further. This expedited the fund flow from safe haven commodities to riskier assets like equities.

Gold futures slipped 0.41 per cent to Rs 39,655 per 10 gram while silver futures were down 0.35 per cent at Rs 46,414.

Brokerage SMC Global said gold can dip lower towards Rs 39,500 while facing resistance near Rs 39,900 while silver can test Rs 46,000, facing resistance near Rs 47,000.

Gold Rates - Spot & Futures (.995 purity) (MCX)



In the international market, gold prices fell on Friday and were set for their worst week in five as easing tensions in the Middle East prompted investors to move back to riskier bets.

Spot gold fell 0.3 per cent to $1,547.55 per ounce by 0334 GMT. Prices fell as much as 1 per cent to their lowest since Jan. 3 at $1,539.78 on Thursday.

The metal was down 0.2 per cent so far this week, its worst since the week ending December 6. US gold futures eased 0.3 per cent to $1,549.20.

Gold, a safe asset during political and economic uncertainties, had surged over $1,600 on Wednesday after Iran launched missile strikes on US forces in retaliation to the killing of its top commander in a drone attack.

Indicative of sentiment, holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust, fell 0.5 per cent to 882.12 tonnes on Thursday.

Palladium fell 0.2 per cent to $2,102.47 an ounce, having hit a record peak of $2,149.50 in the previous session on supply woes. For the week, the metal was set to gain nearly 6 per cent, its best week since mid-June.

Silver fell 0.2 per cent at $17.85 per ounce and was down 1 per cent so far this week, while platinum shed 0.2 per cent to $964.10.

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