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Gold prices climb Rs300 on global cues, fresh buying

LiveMint logoLiveMint 22-03-2017 PTI

New Delhi: Gold prices surged by Rs300 to 29,350 per 10 grams at the bullion market on Wednesday in tandem with a firm overseas trend amid increased buying by local jewellers.

Silver followed in the yellow metal’s footsteps to recapture the Rs41,000 mark by climbing Rs550 to Rs41,450 per kg on increased offtake by industrial units and coin makers.

Bullion traders said that apart from a firm trend overseas, increased buying by local jewellers at the domestic spot market mainly led to the rally in gold prices.

Globally, gold rose by 0.25% to $1,247.30 an ounce and silver by 0.20% to $17.55 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity climbed by Rs300 each to Rs29,350 and Rs29,200 per 10 grams, respectively.

Also Read| Global gold prices hit 3-week peak as investors shun equities on Trump worries

The precious metals had lost Rs100 on Tuesday. Sovereign also moved up by Rs100 at Rs24,400 per piece of eight grams. Silver ready rose by Rs550 to Rs41,450 per kg and weekly-based delivery by Rs565 to Rs41,305 per kg.

Silver coins too surged by Rs1,000 to Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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