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Monday, May 9, 2016, Baishakh 26, 1423 BS, Shaban 1, 1437 Hijri


Gold scales 2-year high in India
Published :Monday, 9 May, 2016,  Time : 12:00 AM  View Count : 21

NEW DELHI, May 8:  Surging for the second day, gold prices shot up by Rs 225 to Rs 30,350 per 10 grams, its highest since May 10, 2014, at the bullion market on Saturday, tracking a firming trend overseas and helped by jewellers' buying to meet wedding season demand.
Silver also zoomed Rs 510 to Rs 41,550 per kg due to increased off-take by industrial units and coin makers.
Traders said sentiment was bolstered as gold had the biggest gain in a week after a report showing slow jobs growth weakened the case for the US Federal Reserve to raise interest rates, increasing appeal for precious metals.
Gold in New York, which mostly determines the price trend in the Indian market, climbed 0.79 per cent to USD 1,287.70 an ounce and silver by 0.75 per cent to USD 17.44 an ounce in Friday's trade.
Moreover, persistent buying by jewellers, an offshoot of ongoing wedding season demand, fuelled the uptrend, they said.     ?PTI










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