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Gold prices shine on global cues, jewellers’ buying

LiveMint logoLiveMint 23-06-2017 PTI

New Delhi: Gold prices rose by Rs90 to Rs29,190 per 10 grams at the bullion market on Friday on positive global cues and increased buying by local jewellers.

Silver also strengthened by Rs50 to Rs39,050 per kg, backed by increased offtake by industrial units and coin makers.

Sentiment improved largely on the back of a firm trend overseas, as weaker oil prices drove up the demand for the precious metal, with a softer dollar and weakness in US Treasury yields also lending support, traders said.

Globally, gold prices rose by 0.31% to $1,253.90 an ounce and silver by 1.03% to $16.69 an ounce in Singapore, a key price-setting Asian market.

Also Read: Global gold prices stay firm on weak dollar, risk aversion

Besides, pick up in buying by local jewellers at domestic spot market fuelled the uptrend, they said.

In the national capital, gold of 99.9% and 99.5% purity moved up by Rs90 each to Rs29,190 and Rs29,040 per 10 grams respectively. It had shed Rs5 on Thursday.

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

Tracking gold, silver ready went up by Rs50 to Rs39,050 per kg while weekly-based delivery gained Rs 110 to Rs 38,465 per kg.

On the other hand, silver coins remained unaltered at Rs72,000 for buying and Rs73,000 for selling of 100 pieces.

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