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Gold prices fall after getting closer to record peaks

Gold prices in India fell today after rising closer to record highs in the previous session.  On MCX, August futures rates slipped 0.2% to ₹ 48,712 per 10 gram while silver futures edged 0.3% lower to ₹ 50,067 per kg.  In the previous session, gold had surged 1.2% while silver 0.9%, tracking firm global rates.  Last week, gold prices had surged to a record high of ₹ 48,982 per 10 gram.

In global markets, gold prices were steady at over eight-year high boosted by safe-haven demand due to surging coronavirus cases across the world.  Expectations of more stimulus measures to prop up the economies also helped support gold.

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