Gold prices rebound on global cues

January 23, 2017

Mumbai-India (Jan 23)  Gold prices rebounded by Rs235 per ten grams after its three-day slide, at the bullion market on Monday, tracking a firm trend overseas and fresh buying by jewellery stockists to meet wedding season demand.

Silver followed suit and rose higher by Rs 465 per kg on increased offtake by industrial units. Standard gold (99.5 purity) jumped by Rs 235 to end at Rs 29,285 per 10 grams from last Friday’s closing level of Rs 29,050.

Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs29,435 per 10 grams compared to Rs 29,200. Silver (.999 fineness) zoomed by Rs465 per kg to finish at Rs41,950 from Rs41,485 earlier. Globally, gold rose, touching its highest in two months as unease over the economic policies of US President Donald Trump pushed investors towards safer assets and the dollar and US bond yields fell.

Spot gold was up 0.2% at $1212.06 an ounce at early trade. It earlier touched $1,219.43, its highest since 22 November. Among other precious metals, silver was up 0.3% at $17.11 an ounce.

Source: LiveMint

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