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Gold prices jump by Rs220 to Rs31,000 on local buying, silver slumps

LiveMint logoLiveMint 27-09-2017 PTI

New Delhi: Gold prices jumped by Rs220 to Rs31,000 per 10 gram at the bullion market on Wednesday amid increased buying by jewellers in the domestic spot market even as the metal weakened overseas. However, silver slumped by Rs470 to Rs40,800 per kg on lack of buying support from industrial units and coin makers.

Traders said gold prices firmed up on rising demand from local jewellers and retailers, driven by ongoing festive season. Besides, the rupee’s depreciation to over six-month low of 65.75 (intra-day) against the dollar, making imports costlier, also fuelled the upward trend, they added.

Globally, gold prices fell 0.12% to $1,292 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity surged Rs220 each to Rs31,000 and Rs30,850 per ten gram, respectively. The precious metal had gained Rs 80 yesterday. Sovereign however remained unchanged at Rs24,700 per piece of eight gram.

On the other hand, silver ready fell sharply by Rs470 to Rs40,800 per kg while weekly-based delivery lost Rs570 to Rs39,940 per kg. Silver coins remained flat at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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