Gold traders in India, the world's
biggest buyer of the metal, preferred to stay on the sidelines as a seasonally
slack demand period was underway, with prices extending the fall from their
highest in a week.
The RBI banned imports on a
consignment basis, making it difficult for jewellers to source raw material.
The government also raised import duty on the yellow metal to 8 percent.
Gold prices on the Multi Commodity
Exchange (MCX) extended losses for a second day on Friday, easing from their
highest level in a week.
Gold trading prices on Saturday closed
26041 with 203 Rupees profit and Silver contract for September delivery on the
MCX was 2.19 Percent lower at Rs 40,285 per kg.
Crude oil closed on 6363 and
touched the highest price of the year in this months while natural gas is
closed on 221.90 (+1.70) rupees.
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