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India gold hits 4-month high on firm global cues

Traders say, in India the cash crunch forcing retail consumers to trim purchases

Gold jewellery displayed at a shop in Delhi. Photo: Reuters
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Gold jewellery displayed at a shop in Delhi. Photo: Reuters

Press Trust of India New Delhi
Gold prices soared by Rs 325 to regain the Rs 30,000-mark and trade at over four-month high of Rs 30,175 per 10 grams at the bullion market on Saturday, amid a firm overseas trend and wedding season buying by jewellers.

Gold prices had touched Rs 30,325 per 10 grams on October 18, 2016.

Silver, too, followed suit and surged by Rs 600 to Rs 43,800 per kg on increased offtake by industrial units and coin makers.

Bullion traders said sentiment got a boost after gold climbed in the global markets, as weakness in the dollar pushed up demand for precious metals as safe-haven.

Globally,