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Traders said besides a weak global trend, fall in demand from jewellers and retailers at prevailing higher levels at domestic spot market, mainly dragged down gold prices from the 21-month high.
The agency quoted the company's top executive Bakheet al-Rashidi as saying prices could reach the range of $60 to $80 a barrel in three years' time.
Gold price skyrocketed to Rs 29,650 per ten grams by adding Rs 850, largely in tandem with a firming trend overseas.
All major markets, including the Bullion, Metal, Oils, Foodgrain and Jaggery will remain closed on Saturday on account of "Saraswati Puja".
International Brent crude benchmarks were trading at $31.80 per barrel at 0139 GMT, up 5.8 percent, or $1.74, from their last settlement.
"We have shut our shops to protest against the mandatory PAN card requirement," All India Sarafa Bazar Association Vice President S K Jain told PTI.
The bullion industry expects the government to cut the record 10 per cent import duty on gold in the annual budget for 2016/17 that will be presented on February 29.
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