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Gold prices soar on global cues

LiveMint logoLiveMint 06-06-2017 PTI

Mumbai: Gold prices maintained a rising trend on the domestic bullion market in Mumbai on Tuesday due to consistent buying support from jewellers and retail consumers amid global cues.

Silver prices, too, attracted increased buying support from industrial units and surged Rs370 per kg.

Standard gold (99.5 purity) rose by Rs255 to end at Rs29,345 per 10 grams against Monday’s closing level of Rs 29,090. Pure gold (99.9 purity) also added a similar margin to settle at Rs 29,495 per 10 grams from Rs 29,240 earlier.

Silver (.999 fineness) surged by Rs 370 to finish at Rs 40,940 per kg against Rs 40,570 on Monday.

Globally, gold rose to its highest in seven weeks as weak economic data in the United States reduced expectations of rapid US interest rate rises this year, pushing the dollar to a seven month-low and lowering US bond yields.

Spot gold was up 1% at $1,291.88 an ounce at early trade, having earlier touched its highest since April 18 at $1,292.16.

In other precious metals, silver was up 0.8% at $17.65 an ounce, its highest since 25 April.

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