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Marketmen said apart from a firm trend overseas as weaker dollar raised demand for the precious metal, sustained buying by local jewellers at domestic spot market kept gold prices higher.
Globally, gold settled the week lower at USD 1,268.90 an ounce and silver at USD 16.43 an ounce in New York.
Gold prices edged higher by Rs 15 to Rs 31,585 per 10 grams at the bullion market today, snapping its two day slide following a firm trend overseas coupled with pick-up in buying by the local
Gold prices, which can benefit in times of uncertainty, failed to gain so far this week, despite the ongoing trade war.
Gold prices rose early Tuesday, supported by a weaker dollar and a dip in Asian stocks as a trade spat between the United States and China intensified.FundamentalsSpot gold was up 0.3 percent at $1
Gold price slashed by Rs. 335 per ten grams, silver prices also dipped by Rs. 1310 per Kg. Gold Rs 30,765 per 10 grams and silver at Rs 40,205.
Rising prices, depreciating rupee and geopolitical tensions between the US and China will likely to have negative impact on the gold and diamond jewellery business.
Hareesh VThe government has implemented many schemes to bring structural changes in the gold industry to utilise our enormous gold reserves in a productive way. Schemes like gold monetization
Sugandha SachdevaGold prices have been relatively quiet and is consolidating between $1,280 and $1,307 an ounce as the precious metal lacks clear direction amid a diverse set of fundamentals
Directorate of Revenue Intelligence (DRI) today said it has arrested Shree Ganesh Jewellery House Ltd promoter Nilesh Parekh for fraud in diversion of over 1,700 kg of primary gold."We have arrested
Gold was being sold at a discount in Indian markets for the sixth straight week.
According to Angel Commodities, On Wednesday, spot gold prices rose 0.3 percent to close at $ 1299.3 per ounce as weakness in the DX ahed of FOMC state men t buoyed the yellow metal.
Spot gold was down 0.1 percent to $1,298.61 per ounce at 0047 GMT. It touched an over one-week low at $1,292.15 an ounce in the previous session.
Sam NairPrecious metals continue to trade in a broad range with gold locked around the $1,300 troy ounce mark ahead of the outcome of the Federal Open Market Committee meeting scheduled for later
According to Angel Commodities, On Tuesday, spot gold prices declined marginally by 0.32 percent to close at $1295.6 per ounce as the dollar strengthened following a positive U.S. - North
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Spot gold was up 0.1 percent at $1,298.78 per ounce at 0049 GMT.
Commodity & Currency managing director Priti Rathi was of the view that gold price is likely to trade in the range of Rs 31,500-31,800 by Diwali.
Traders said increased buying by local jewellers to meet retailers' demand at domestic spot market and a firm trend overseas kept gold prices higher.
Gold rose by Rs 235 to Rs 31,010 per 10 grams at the bullion market today in tandem with a firming global trend amid increased buying by traders and stockists.
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