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Gold loses sheen, hits 21-month low

New Delhi, May 20
Gold today fell to its lowest level in 21 months and silver hit a 31-month low on heavy sell off by stockists, taking weak cues from overseas.

While gold dropped by Rs 330 to Rs 26,370 per 10 gram, matching its price on August 10, 2011, silver prices plunged by Rs 1,530 to Rs 42,170 per kg, a level last seen on November 26, 2010. Selling pressure gathered momentum as precious metals in global markets extended their longest slump in four years as investment holdings contracted and stocks rallied and dollar surged against other currencies. In global markets, which normally set the price trend on the domestic front, silver tumbled 7 per cent to $20.69 an ounce, gold by 1.5 per cent to $1,338.85 an ounce.

Weak trend at futures trade as speculators offloaded their positions to shift their funds to rising equities, further fuelled the sentiment, they said.

Besides, fall in demand due to off marriage season. PTI

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