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Gold uptrend continues on brisk buying amid global firmness

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Press Trust of India Mumbai
Gold prices rallied further at the domestic bullion market here today due to increased demand from stockists and retailers amid good investment off-take.

Elsewhere, silver gained marginally owing to stray buying support.

Standard gold (99.5 purity) rose by Rs 165 to conclude at Rs 26,905 per 10 grams from the overnight level of Rs 26,740.

Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 27,055 per 10 grams compared to Rs 26,890 previously.

Silver (.999 fineness) added Rs 5 to settle at Rs 39,385 per kg against Rs 39,380 yesterday.

Globally, the yellow-metal maintained its strong uptrend for the third-straight day on safe-haven demand after the International Monetary Fund cut its global economic growth forecasts as well as falling dollar.
 

The metal plunged to a ten-month low of USD 1,183.30 on Monday.

Spot gold was bid higher at USD 1,214.20 an ounce in early European trade.

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First Published: Oct 08 2014 | 6:30 PM IST

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