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Gold prices rise Rs 320 on global cues to top Rs29,000 mark

LiveMint logoLiveMint 05-06-2017 PTI

Mumbai: Gold prices rebounded from over one-and-a half month low by spurting Rs320 to trade at Rs 29,090 per 10 grams at the bullion market on Monday, due to pick up in buying by stockists and jewellers amid bullish global cues.

Silver also recaptured the crucial 40,000-mark by rising Rs 650 to Rs 40,570 per kg on increased offtake by industrial units.

Standard gold prices (99.5 purity) hardened by Rs 320 to finish at Rs 29,090 per 10 grams from overnight closing level of Rs 28,770. Pure gold prices (99.9 purity) also rose by a similar margin to end at Rs 29,240 per 10 grams compared with Rs 28,920.

Silver (.999 fineness) spurted by Rs 650 to conclude at Rs 40,570 per kg against last Friday’s level of Rs 39,920.

Globally, gold prices hit a six-week high, buoyed by disappointing US jobs data on Friday that dimmed the prospects for an aggressive run of interest rate increases in the world’s biggest economy.

Spot gold had climbed 0.1% to $1,280.51 per ounce at early trade, adding to the 1.1% gain on Friday. Silver hit a high of $17.59 an ounce early in the session, its strongest since 26 April.

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