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Gold prices rise by Rs250 on global cues, buying by jewellers

LiveMint logoLiveMint 21-02-2017 PTI

New Delhi: Riding high on firming global cues and pick up in buying by local jewellers, gold made a smart recovery by rising Rs250 to Rs29,950 per 10 grams at the bullion market on Tuesday. Silver followed suit, moving up by Rs50 to Rs43,200 per kg on increased offtake by industrial units and coin makers.

Bullion attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet ongoing wedding season demand at domestic spot market. Globally, gold rose by 0.19% to $1,237 an ounce and silver by 0.42% to $18.02 an ounce in New York on Monday.

In Delhi, gold of 99.9% and 99.5% purity rebounded by Rs250 each, to Rs29,950 and Rs29,800 per 10 grams, respectively.

Also Read| Global gold prices drop as investors await hints on timing of US rate hikes

It had lost Rs180 on Monday. Sovereign, however, remained steady at Rs24, 500 per piece of eight grams. Following gold, silver ready edged up by Rs50 to Rs43,200 per kg and weekly-based delivery by Rs55 to Rs42,725 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs73,000 for buying and Rs74,000 for selling of 100 pieces.

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