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Gold and silver today fell on speculation Chinese demand will decline before the nation begins the week-long Lunar New Year holiday.
Gold lost 1 per cent to $1,220.46 an ounce. Silver dropped 2.7 per cent, the most in more than a week, to trade at $16.88.
Mainland markets are to shut from Wednesday and volumes for the Shanghai Gold Exchange’s benchmark spot contract dropped about 75 per cent from Monday’s level to the lowest in more than a year, data from the bourse showed.
The country is the second-biggest bullion buyer, after India.
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