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Gold near 1-week low as US jobs data boosts rate-hike expectations

US employment rose more than expected for the second month in a row in July and wages picked up, bolstering expectations of faster economic growth, and raising the probability of an interest rate increase this year.

Gold continued to head downhill to trade at a 2-week low of Rs 30,550 per 10 grams by plunging Rs 200 on Monday, in sync with a weak global market.
Gold imports plunged by 38.54 per cent to $1.2 billion in June while inbound shipments of silver fell by more than a quarter in the month.
State-owned trading firm MMTC to e-auction the precious metal collected by the government under the Gold Monetisation Scheme in a lots of five kg bars.