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Gold tops Rs 29,000 mark on risk-off sentiment

Press Trust of India / New Delhi 19 May 17 | 02:48 PM

Gold's allure went up by many notches today as the US political turmoil saw the bullion soar Rs 215 to Rs 29,200 per 10 grams today, mirroring a firm overseas trend amid frenzied buying by local jewellers.


This is the third straight day of gains by the yellow metal, which reclaimed the Rs 29,000 level. Risk aversion was in full display as investors looked for safer assets in view of the deepening crisis in the US, a fallout of President Donald Trump's firing of the former FBI director.

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Silver staged a comeback to recapture the Rs 39,000-mark by surging Rs 350 to Rs 39,150 per kg, backed industrial demand and coin manufacturers.


Other than a weak dollar, traders said, continued buying by local jewellers boosted gold prices.


Globally, gold rose by 0.31 per cent to $1,250.70 an ounce and silver 0.85 per cent to $16.69 an ounce in Singapore.


In the national capital, gold of 99.9 per cent and 99.5 per cent purity hardened by Rs 215 each to Rs 29,200 and Rs 29,050 per 10 grams, respectively. The precious metal had gained Rs 385 over the last two days.


Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.


Silver ready too rebounded by Rs 350 to Rs 39,150 per kg and weekly-based delivery by Rs 135 to Rs 39,000.


Silver coins, however, held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

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