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Gold halts 3-day rally to end a shade lower; silver firms up

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Mumbai: Snapping a three-day upsurge, gold prices moved down marginally at the bullion market here due to reduced offtake by stockists and lacklustre local buying support. On the other hand, silver firmed up further owing to good industrial demand. Standard gold (99.5 purity) eased by Rs 20 to settle at Rs 26,080 per 10 grams from last Saturday’s closing level of Rs 26,100.

Pure gold (99.9 purity) also edged down by a similar margin to end at Rs 26,230 per 10 grams as against Rs 26,250. However, silver (.999 fineness) rose by Rs 75 to finish at Rs 37,960 per kg compared to weekend level of Rs 37,885. In worldwide trade, the yellow metal continued to trade near its highest level in two weeks bolstered by dollar weakness and also dovish monetary policy stance of the Fed, but gains were capped amid investors caution ahead of key US macro data release on Wednesday.

Spot gold was bid higher at USD 1,183.50 an ounce in early European trade.