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Gold futures drop Rs 295 on firm dollar

Gold costs fell forcefully by Rs 295 to Rs 27,292 for every 10 grams in prospects exchange on Thursday as members cut their wagers in the midst of a powerless worldwide pattern.

At the Multi Commodity Exchange, gold costs for conveyance in February one year from now fell by Rs 295, or 1.07%, to Rs 27,292 for every 10 grams, in a business turnover of 641 parcels. Additionally, the metal for conveyance in far-month April declined by Rs 289, or 1.05%, to Rs 27,300 for each 10 grams in 34 parts.

Examiners ascribed the fall in costs to frail pattern in gold abroad where it exchanged at almost 10-month low after the US Federal Reserve reported a climb in financing costs, boosting the dollar and diminishing interest of the valuable metal.

In the interim, gold was exchanging 0.17% down at $1,140.70 an ounce in Singapore.

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