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Gold prices surge Rs 610 on rising demand

LiveMint logoLiveMint 18-05-2017 PTI

Mumbai: Gold prices maintained their rising trend for the third day at the domestic bullion market in Mumbai on Thursday on consistent buying support from jewellers and retail consumers.

Silver prices, too, attracted increased buying support from industrial units and surged Rs 100 per kg. Standard gold prices (99.5 purity) spurted by Rs 610 to end at Rs 28,895 per 10 grams against Wednesday’s closing level of Rs 28,285.

Pure gold prices (99.9 purity) also added a similar margin to settle at Rs 29,045 per 10 grams from Rs 28,435 earlier. Silver prices (.999 fineness) surged by Rs 100 to finish at Rs 39,580 per kg against Rs 39,480 on Wednesday.

Globally, gold prices weakened after touching a more than two-week high, weighed down by profit-taking amid political turmoil in the United States as expectations of US President Donald Trump impeachment gathered steam.

Spot gold was down 0.2% at $1,258.02 per ounce at early trade, after earlier touching its strongest since 1 May at $1,263.02.

The yellow metal settled higher in the five previous sessions. Among other precious metals, silver slipped 0.6% to $16.75 an ounce.

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