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Gold glitters on global cues, jewellers’ buying

LiveMint logoLiveMint 18-07-2017 PTI

New Delhi: Gold bounced back to recapture the Rs29,000-mark by climbing Rs150 to Rs29,100 per 10 grams at the bullion market on Tuesday, taking positive lead from global market amid increased buying by local jewellers.

Silver remained firm on increased demand from industrial units and coin makers and advanced by Rs320 to Rs38,500 per kg.

Traders attributed the rise in gold prices to a firm trend in global markets as the US dollar slipped against a basket of major currencies after recent soft US inflation raised demand for the precious metals as a safe haven.

Besides, pick-up in buying by local jewellers at the domestic spot market supported the upside in prices.

Globally, gold rose 0.31% to $1,237.88 an ounce and silver by 0.53% to $16.20 an ounce in Singapore.

In Delhi, gold of 99.9% and 99.5% purity went up by Rs150 each to Rs29,100 and Rs28,950 per 10 grams, respectively. The metal had lost Rs100 on Monday. Sovereign, however, remained flat at Rs24,400 per piece of eight grams.

Silver ready rose further by Rs320 to Rs38,500 per kg and weekly-based delivery traded higher by Rs280 to Rs37,450 per kg. Silver coins too spurted by Rs1,000 at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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