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Gold prices recover on positive global cues, silver rises

LiveMint logoLiveMint 22-09-2017 PTI

Mumbai: Gold prices rebounded at the bullion market on Friday, tracking a firming trend overseas along with increased buying from jewellery stockists and retailers. Silver strengthened by Rs185 per kg backed by increased offtake by industrial units.

Standard gold (99.5 purity) rose by Rs45 to settle at Rs29,625 per 10 grams from Thursday’s closing level of Rs29,580. Pure gold (99.9 purity) also rose by a similar margin at Rs29,775 per 10 grams as compared to Rs29,730 previously. Silver (.999 fineness) shot-up by Rs185 to finish at Rs39,450 per kg as against Rs39,265 on Thursday.

Globally, gold prices recovered from a four-week low as investors sought a safe haven from geopolitical uncertainty caused by rising tensions between North Korea and the US. Spot gold was up 0.5% at $1,296.89 an ounce, at early trade, having hit a four-week low of $1,287.61 in the previous session. Silver climbed 0.4% to $17 an ounce.

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