Gold traders in India, the world's biggest buyer of the metal, preferred to stay on the sidelines as a seasonally slack demand period was underway, with prices extending the fall from their highest in a week.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material. The government also raised import duty on the yellow metal to 8 percent.
Gold prices on the Multi Commodity Exchange (MCX) extended losses for a second day on Friday, easing from their highest level in a week.
Gold trading prices on Saturday closed 26041 with 203 Rupees profit and Silver contract for September delivery on the MCX was 2.19 Percent lower at Rs 40,285 per kg.
Crude oil closed on 6363 and touched the highest price of the year in this months while natural gas is closed on 221.90 (+1.70) rupees.
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