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Gold prices climb by Rs230 to hit 6-week high

LiveMint logoLiveMint 27-07-2017 PTI

New Delhi: Gold prices surged by Rs230 to trade at six-week high of Rs29,450 per ten grams at the bullion market on Thursday, taking positive leads from global markets amid increased buying by local jewellers.

Silver reclaimed the Rs39,000-mark by surging Rs535 to Rs39,375 per kg on increased offtake by industrial units and coin makers.

Traders attributed the rise in gold prices to a firm trend overseas where gold rallied to six-week high on rising demand for the yellow metal as the dollar dropped to a 13- month low after the US Federal Reserve indicated that it would keep to a slow path of monetary tightening.

Globally, gold rose 0.30% to $1,264.31 an ounce in Singapore. In addition, increased buying by local jewellers to meet retailers’ demand at domestic spot markets also supported the upmove in gold, they said.

In the national capital, gold of 99.9% and 99.5% purity climbed by Rs230 each to Rs29,450 and Rs29,300 per ten grams, respectively, a level last seen on 9 June.

It had lost Rs180 on Wednesday. Sovereign, however, remained flat at Rs 24,400 per piece of eight grams. Tracking gold, silver ready jumped up by Rs535 to Rs39,375 per kg and weekly-based delivery by Rs610 to Rs38,520 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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