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Gold prices surge by Rs160 to hit 3-week high

LiveMint logoLiveMint 24-07-2017 PTI

New Delhi: Gold prices rallied by Rs160 to trade at almost three-week high of Rs 29,310 per ten gram at the bullion market on Monday on increased buying by local jewellers even as the metal lost sheen overseas.

However, silver fell by Rs250 to Rs39,100 per kg on lack of buying support from industrial units amid weak global cues.

Traders attributed the rise in gold prices to pick-up in buying by local jewellers to meet ensuing festive season demand at domestic spot markets, though a weak trend overseas capped the rise.

Globally, gold fell 0.10% to $1,253.30 an ounce and silver by 0.42% to $16.43 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity shot up by Rs160 each to Rs29,310 and Rs 29,160 per ten gram respectively, a level last seen on 4 July.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams. On the other hand, silver ready slipped by Rs250 to Rs39,100 per kg and weekly-based delivery by Rs40 to Rs38,110 per kg.

Silver coins, however, spurted by Rs1,000 to Rs72,000 for buying and Rs73,000 for selling of 100 pieces.

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