Moneycontrol
Last Updated : Feb 16, 2018 04:00 PM IST | Source: Moneycontrol.com

Commodities@Moneycontrol: Gold prices near highest since August 2016

Besides, pick-up in buying by local jewellers to meet the ongoing wedding season demand at domestic spot market supported the uptrend in gold.

Manisha Gupta

Gold advanced by Rs 170 to Rs 31,820 per 10 gram at the bullion market on Friday largely in sync with the overseas trend amid increased buying by local jewellers. However, silver met with resistance at higher levels and slipped by Rs 580 to Rs 39,380 per kg.

Traders said sentiment remained firm on the back of a higher trend overseas as the dollar weakened, raising demand for gold as a safe haven. Globally, gold rose 0.40 per cent to USD 1358.70 an ounce and silver by 0.36 per cent to USD 16.88 an ounce in Singapore.

Besides, pick-up in buying by local jewellers to meet the ongoing wedding season demand at domestic spot market supported the uptrend in gold.

Watch Manisha Gupta, Commodities Editor, CNBC-TV18 explain the rise in gold prices.
First Published on Feb 16, 2018 03:51 pm
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