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Gold price shot up by 2% in London in early morning trade boosted by technical buying and short-covering due to last-minute US budget ratification overnight. The precious metal for spot delivery rose by $36.90 to trade at $1317.35 an oz.
Appreciation in the rupee, however, checked the spurt in India with gold witnessing 1.19% or Rs 365 to Rs 30970 per 10 grams in Mumbai’s Zaveri Bazaar. The rupee closed with a gain at 61.22 against the level of 61.85 against the dollar on Thursday.
Given the weaker tone in the last few days, gold has discounted the US deal. The upward march is set to continue in near future, analysts said.
