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Gold prices dropped on Monday, extending Friday's losses into a new week as uncertainty surrounding Europe's future coupled with optimism brimming over from recent U.S. jobs data fueled more demand for dollars and less for gold.

MCX SILVERM February contract was trading at Rs 51893.00 up Rs 14.00, or 0.04%. It touched an intraday high of Rs 51940.00 and an intraday low of Rs 50400.00.

Natural gas prices rallied sharply on Friday, rebounding from a 28-month low, as forecasts for colder-than-normal boosted near-term demand expectations for the heating fuel.

Crude futures fell early Monday, as markets cast aside supply fears stemming from Iran's threats to close the Strait of Hormuz and instead sold oil on sentiment that Europe's debt woes will mean less economic output, which will mean less demand for crude and its derivatives.

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