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Gold reaches Rs 31,000-level after 29 months

Worldwide, gold increased 1.2 percent to US$ 1,357.50 an ounce in New York

Policy Pulse
Publish Date: Jul 30 2016 3:47PM | Updated Date: Jul 30 2016 3:47PM

Gold reaches Rs 31,000-level after 29 months

Gold prices rose to Rs 31,340 per 10 grams, which was  a 29-month high, by rising Rs 540 in the bullion market on Saturday, tracking a firm trend overseas amidst increased buying by jewellers at the domestic spot market.

 

Silver ready took losses forward on easing demand from coin makers and lost another Rs 220 to Rs 47,080 per kg, while silver week-based delivery recovered by Rs 680 to Rs 47,480 on speculative buying.

 

Bullion traders said sentiment boosted after gold gained overseas as the dollar weakened and the US economy grew less-than-expected in the second quarter, boosting demand for safe-haven assets.

 

Worldwide, gold increased 1.2 percent to US$ 1,357.50 an ounce in New York on Friday.