Gold prices bounce back on global cues
Standard gold prices rose by Rs190 to end at Rs 28,050 per 10 grams from last weekend’s level
Mumbai: Gold and silver prices bounced back in the bullion market in Mumbai on Monday due to fresh demand from stockists on the back of higher global cues.
Standard gold (99.5 purity) rose by Rs 190 to end at Rs 28,050 per 10 grams from last weekend’s level of Rs 27,860.
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Pure gold (99.9 purity) also rose by a similar margin to finish at Rs 28,200 per 10 grams against Rs 28,010. Silver (.999 fineness) firmed up by Rs 710 per kg to conclude at Rs 37,200 from Rs 36,490.
Gold prices on Friday marked the highest finish of the month and their first weekly rise since early June, as data on retail sales and inflation stoked concerns that the pace of economic growth may not merit lifting U.S. interest rates again in 2017.
Gold for August delivery rose by $10.20 to settle at $1,227.50 an ounce. Silver for September rose by 24.2 cents to $15.933 an ounce.