Gold prices soften in early noon trade

May 13, 2014

MUMBAI-India (May 13)   Gold prices softened in India around noon, reflecting the fall in the precious metal's price in New York as the dollar firmed up. Strengthening of the rupee also exerted pressure on gold prices in the local market. Demand remains tepid due to curbs including high import duty and steep premium charged by banks.

The yellow metal traded at Rs 29,860 per 10 gm on Tuesday noon, down Rs 40 from Monday's closing. The international price was $1,291, down nearly $4 per troy ounce from the previous day's close.

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