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Gold Prices Rise After Six Days Of Losses

Traders said emergence of buying at lower levels by local jewellers and retailers at domestic spot market, mainly helped gold prices to recover

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Gold Prices Rise After Six Days Of Losses
New Delhi: Gold prices on Wednesday made a turnaround after six days of losses, recovering by Rs 35 to Rs 29,435 per 10 grams at the bullion market on scattered buying by local jewellers at prevailing levels.
However, silver remained under selling pressure and went further down by Rs 175 to Rs 37,600 per kg due to poor offtake by industrial units and coin makers.

Traders said, emergence of buying at lower levels by local jewellers and retailers at domestic spot market, mainly helped gold prices to recover.

On the other hand, gold was trading 0.16 per cent down at $ 1,242 an ounce in Singapore ahead of the outcome of a two-day meeting of the US Federal Reserve.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 35 each to Rs 29,435 and Rs 29,285 per 10 grams, respectively. The precious metal had lost Rs 850 in the previous six days.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. On the contrary, silver ready fell further by Rs 175 to Rs 37,600 per kg and weekly-based delivery by Rs 120 to Rs 36,780 per kg.

Silver coins, however, held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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