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Gold prices drop in India,increase in world market

Gold prices dropped further at the domestic bullion market on Wednesday on the back of subdued demand from stockists and jewellery traders amid poor investment off-take. In contrast, silver gained marginally, finding scattered low-level buying support and demand from industries. Standard gold of 99.5 per cent purity fell by Rs 150 per 10 gm to conclude at Rs 27,000 from Tuesday's closing level of Rs 27,150. Pure gold of 99.9 per cent purity declined by Rs 145 per 10 gm to end at Rs 27,145 from Rs 27,290.

Silver ready (.999 fineness) rose by Rs 165 per kg to conclude at Rs 45,660 as against Rs 45,495 on Tuesday. Meanwhile, in foreign markets, gold prices rose on Wednesday for the first time in three days. The yellow metal rose 0.1 per cent to $1,454.68 an ounce after declining 1.2 per cent in last two days. However, silver slumped 0.4 per cent to $23.867 an ounce.

Gold imports by China from Hong Kong more than doubled to an all-time high in March, government data showed.  Gold has rebounded about 10 per cent since reaching a two-year low in mid-April on demand for gold jewelry and coins.

Buyers in China purchased 223,519 kilograms (223.52 tons) of gold in March, including scrap, compared with 97,106 kilograms in February, Hong Kong government data said.

Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, declined 0.4 per cent to 1,057.79 tons, the lowest since March 2009.
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