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Mumbai, May 26: Gold continued its bearish momentum for the seventh session at the domestic bullion market here on lower offtake from jewellers amid lack of local buying support followed by sluggish overseas sentiments. Elsewhere, silver too extended its fall for the third session on the back of intense speculative unwinding. Standard gold (99.5 purity) declined by Rs 15 to finish at Rs 27,050 per 10 grams from Monday’s closing level of Rs 27,065. (Also read: Top 5 amazing facts to know about GOLD!) Also Read - On Makar Sankranti, Gold Price Today Sees Sharp Decline, Silver Gains

Pure gold (99.9 purity) also went down by a similar margin to finish at Rs 27,200 per 10 grams from Rs 27,215. Silver (.999 fineness) dropped by Rs 220 to conclude at Rs 39,000 per kg as against Rs 39,220 earlier. On the global front, gold fell more than 1 percent in early European trade as the dollar extended gains following stronger US inflation data and comments from Federal Reserve Chair Janet Yellen that reinforced the central bank’s tightening bias on monetary policy. Spot gold was down at USD 1,193.73 an ounce in late morning trade and silver also fell at USD 16.70 an ounce. Also Read - Gold Prices Today January 12, 2021: Yellow Metal Rates Fall Again, Down Almost Rs 7,000 From Record Highs