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Gold prices recoup on jewellers’ buying

LiveMint logoLiveMint 22-05-2017 PTI

New Delhi: Gold prices recovered by Rs50 to Rs29,150 per 10 grams at the bullion market on Monday on scattered buying by local jewellers even as the metal weakened overseas.

Silver, however, strengthened by Rs300 to Rs39,500 per kg on the back of increased offtake from industrial units and coin makers. Traders attributed the rise in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.

Globally, gold prices fell 0.07% to $1,254.70 an ounce in Singapore. In the national capital, gold prices of 99.9% and 99.5% purity edged up by Rs50 each to Rs29,150 and Rs29,000 per 10 grams, respectively.

They had lost Rs100 in Saturday’s trade.

Sovereign, however, remained flat at Rs24,400 per piece of eight grams. Following gold prices, silver ready advanced by Rs300 to Rs39,500 per kg while weekly-based delivery traded higher by Rs165 to Rs39,300 per kg.

Silver coins, however, continued to be traded at previous levels of Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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