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Gold prices regain glitter on global cues, jewellers’ buying

LiveMint logoLiveMint 27-04-2017 PTI

New Delhi: Staging a comeback after three straight days of losses, gold rose Rs100 to Rs29,450 per 10 grams at the bullion market on Thursday on firm global cues and pick up in buying by local jewellers.

However, silver remained under selling pressure and slipped below the Rs41,000 mark by falling Rs300 to Rs40,700 per kg on poor offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet the ongoing wedding season demand.

Globally, gold rose 0.40% to $1,269 an ounce in New York in Wednesday’s trade.

Also Read: Global gold prices fall, but Donald Trump tax reform doubts cap losses

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs 100 each to Rs29,450 and Rs29,300 per 10 grams, respectively.

It had lost Rs650 in the last three days.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams in limited deals.

On the other hand, silver ready fell by Rs300 to Rs40,700 per kg and weekly-based delivery by Rs305 to Rs39,960 per kg. Silver coins also plunged by Rs1,000 to Rs70,000 for buying and Rs71,000 for selling of 100 pieces.

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