Friday 18 January 2019
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business-standard - 7 days ago

Gold remains higher on positive global cues, wedding demand

Riding on a firm trend overseas and increased buying by local jewellers, gold maintained its upward march for another week and crossed the Rs 33,000-mark but settled at Rs 32,875 per 10 gram at the bullion market. Silver, too, scored gains on increased offtake by industrial units and coin makers. Besides, the rupee weakening to 70.49 against dollar, gold in demand as a safe haven to mitigate the risk and support from local jewellers aided the gain in the prices of the yellow metal that hit the week s high of Rs 33,070 per 10 gram. Besides, firm trend overseas helped the rise in the gold prices, they added. Globally, gold ended the week higher at USD 1,287.80 an ounce and silver rose to USD 15.67 an ounce in New York. Bullion traders said apart from a firm trend overseas as the weakness in the dollar raised demand for the precious metals as a safe haven, increased buying by local jewellers to meet the wedding season demand at the domestic spot market, mainly buoyed sentiment. In the ...

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