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Gold prices recover by Rs250 on global cues

LiveMint logoLiveMint 01-06-2017 PTI

New Delhi: Gold prices rebounded by Rs250 to Rs29,350 per 10 grams at the bullion market on Thursday on firm overseas cues and increased buying by local jewellers. Silver prices also recovered by Rs 150 to Rs 40,150 per kg backed by increased offtake by industrial units and coin makers.

Marketmen said a firm trend overseas and pick up in buying by local jewellers at domestic spot markets led to the recovery in gold prices.

Globally, gold prices rose by 0.46% to $1,268.60 an ounce in New York in Wednesday’s trade.

Also Read: Global gold prices hold near five-week highs, but potential US rate hike weighs

In the national capital, gold prices of 99.9% and 99.5% purity bounced back by Rs250 each to Rs29,350 and Rs29,200 per 10 grams, respectively.

Gold prices had lost Rs250 in Wednesday’s trade. Sovereign, however, remained flat at Rs24,400 per piece of eight grams in scattered deals.

Tracking gold, silver ready recovered by Rs150 to Rs40,150 per kg, while weekly-based delivery slumped below the Rs40,000-mark by falling Rs80 to Rs39,935 per kg due to lack of speculators’ buying support.

On the other hand, silver coins remained unaltered at Rs72,000 for buying and Rs73,000 for selling of 100 pieces.

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