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Gold prices bask in safe haven appeal

LiveMint logoLiveMint 21-07-2017 PTI

New Delhi: Gold prices moved ahead by Rs100 to Rs29,150 per 10 grams on Friday, riding largely on a firm trend overseas along with increased buying by local jewellers.

A firm global trend in the wake of weakness in equities drove safe haven buying. The US dollar weakened too, which took gold prices higher. Silver rose Rs250 to Rs 38,750 per kg following increased offtake.

Globally, gold rose 0.23% to $1,246.90 an ounce and silver by 0.34% to $16.36 an ounce in Singapore.

In addition, pick-up in buying by local jewellers at the domestic spot market fuelled the trend, traders said. In the national capital, gold of 99.9% and 99.5% purity moved up by Rs100 each to Rs29,150 and Rs 29,000 per 10 grams, respectively.

It had lost Rs60 on Thursday. Sovereign, however, remained flat at Rs24,400 per piece of eight grams. Following gold, silver ready advanced Rs250 to Rs38,750 per kg and weekly-based delivery Rs265 to Rs37,815 per kg.

On the other hand, silver coins maintained a steady trend at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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