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Gold prices rebound on global cues, weak rupee

LiveMint logoLiveMint 22-09-2017 PTI

New Delhi: Gold prices recovered by Rs350 to Rs30,850 per 10 grams at the bullion market on Friday, taking positive cues from the global market amid rupee falling to five-month low and increased buying by local jewellers. Silver too recovered by Rs400 to Rs40,700 per kg on increased offtake by industrial units and coin makers.

Bullion traders said a firm trend overseas, where gold rebounded from a four-week low on renewed geopolitical tensions after North Korea threatened to conduct another hydrogen bomb test prompted investors to seek out the safe- haven asset.

The rupee depreciated by 34 paise to hit five-month low of Rs65.15 (intra-day) against the dollar, making imports costlier and thereby stoking inflationary concerns. This has also fuelled a positive sentiment for gold, they added.

Globally, gold rose 0.57% to $1,298 an ounce in Singapore. Silver too up 0.21% to $16.97 an ounce.

Besides, pick up in buying by local jewellers at the domestic spot market to meet ongoing auspicious “Navratra” festival demand at domestic spot market too supported the uptrend.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs350 each to Rs30,850 and Rs30,700 per 10 grams, respectively. The metal had lost Rs250 on Thursday. Sovereign, however, pegged unchanged at Rs24,700 per piece of eight grams in limited deals.

Silver ready bounced back by Rs400 to Rs40,700 per kg and weekly-based delivery by Rs265 to Rs39,930 per kg. Its coins, however, continued to be traded at previous levels of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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