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Gold prices rise by Rs340 on renewed demand

LiveMint logoLiveMint 27-02-2017 PTI

Mumbai: Gold prices rebounded smartly by Rs340 to Rs29,645 per 10 grams on Monday following renewed demand from jewellery stockist and retailers. Meanwhile, silver surged by Rs775 to reclaim Rs44,000 level on fresh buying support from industrial units.

Standard gold (99.5 purity) climbed by Rs340 to end at Rs29,645 per 10 grams from last Thursday’s close of Rs29,305. Pure gold (99.9 purity) also rose by a similar margin to finish at Rs29,795 per 10 grams compared to Rs29,455 previously.

Silver (.999 fineness) surged by Rs775 to settle at Rs44,030 per kg as against Rs43,255 earlier.

Globally, Gold held steady near three and a half month high as investors waited for US President Donald Trump to outline plans for tax cuts, infrastructure spending, levies on imports and foreign policy.

Spot gold was little changed at $1,256.18 an ounce in early European trade, having touched its highest since 11 November at $1,260.10 in the previous session, and the Spot silver was flat at $18.35 an ounce.

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