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Gold prices rally on good buying support, global cues

LiveMint logoLiveMint 17-05-2017 PTI

Mumbai: Gold price rallied at the domestic bullion market on Wednesday in tandem with a firming trend overseas and increased buying by jewellers and retailers. Silver surged further due to sustained demand from industrial users.

Standard gold (99.5% purity) hardened by Rs 235 to finish at Rs 28,285 per 10 grams from Tuesday’s closing level of Rs 28,050.

Pure gold (99.9% purity) also rose by a similar margin to end at Rs 28,435 per 10 grams compared with Rs 28,200.

Silver (.999 fineness) spurted by Rs 465 to conclude at Rs 39,480 per kg against Tuesday’s level of Rs 39,015.

Globally, gold hit a two-week high as Asian stocks slipped and the dollar fell amid political uncertainty after a source said US President Donald Trump asked the FBI to end a probe into his former security adviser.

Also Read: Gold prices rise by Rs160 on global cues

Spot gold climbed 0.6% to $1,243.31 per ounce at early trade, after earlier touching its strongest since 3 May at $1,244.70.

Gold has risen for five days straight.

Among other precious metals, silver marked its highest since May 2 and was up 0.3 pct at USD 16.87 per ounce.

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