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Gold hits 7-week high on global cues

Press Trust of India  |  New Delhi 

Rising for the third straight day, prices jumped by Rs 100 to trade at a seven-week high of Rs 30,750 per 10 grams at the market today amid a firm trend overseas and local buying push.

Silver too gained Rs 100 to Rs 39,900 per kg, backed by increased offtake by industrial units and coin makers.

Apart from positive global cues, buoyed by a slump in the dollar, sustained buying by local jewellers at the domestic spot market kept prices elevated, traders said.

Globally, rose 1.17 per cent to USD 1,337.40 an ounce and silver spurted 1.44 pr cent to USD 17.21 an ounce in in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 100 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively -- levels last seen on November 18. The had gained Rs 175 in last two days.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

In similar fashion, silver ready strengthened by Rs 100 to Rs 39,900 per kg and weekly-based delivery rose Rs 40 to Rs 39,120 per kg.

Silver coins too spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, January 13 2018. 13:55 IST