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Gold remains up on firm global cues, silver gains

Press Trust of India  |  Mumbai 

Tracking a firming trend overseas and increased buying by jewellers at domestic market, gold prices rose further by Rs 40 per 10 grams at the bullion market here today.

Elsewhere, silver was better-off as it recovered by Rs 55 per kg on the back of scattered buying support from industrial units.

Standard gold (99.5 per cent purity) rose by Rs 40 to end at Rs 28,530 per 10 grams as against last Friday's closing level of Rs 28,490.

Pure gold (99.9 per cent purity) also rallied by a similar margin to conclude at Rs 28,680 per 10 grams, as against Rs 28,640 previously.

Silver (.999 fineness) gained by Rs 55 to finish at Rs 41,380, compared to Rs 41,325 earlier.

Globally, gold prices hit a two-week high as the dollar slumped to near 6-week lows after the US Federal Reserve's dovish outlook on the pace of rate increases this year continued to disappoint dollar bulls.

Spot gold rose 0.5 per cent to USD 1,234.60 per ounce at early trade, after touching USD 1,235.50 an ounce earlier, its highest since March 6.

Spot silver rose 0.4 per cent to USD 17.39 per ounce.

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

First Published: Mon, March 20 2017. 18:48 IST