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New Delhi: Gold prices gained 50 to 31,700 per 10 gram at the bullion market on Friday supported by rising demand from local jewellers amid strong global trend, reported PTI. Global gold prices inched up to a one-week high as the dollar weakened on receding fears of a full-blown US-China trade war, keeping the yellow metal on track for its first weekly gain in four. In Delhi, gold rates of 99.9% and 99.5% purity recovered by 50 each to 31,700 and 31,550 per 10 gram, respectively. The metal fell 10 on Thursday. Sovereign, however, remained flat at 24,500 per piece of eight gram.

In global markets, spot gold rate was up 0.3% at $1,210.68, after touching its highest since September 13 at $1,211.02. It has risen 1.3% so far this week. US gold futures were up 0.3 percent at $1,215 per ounce. Gold has declined over 11% from a peak in April, hurt by the intensifying US-China trade dispute and on rising US interest rates.

“Higher gold prices are due to the fact that China-U.S. trade tensions have somewhat dissipated," Reuters quoted OCBC analyst Barnabas Gan as saying. “Right now we have to tread very carefully on gold as any uptick in trade tension is bearish. U.S. tariffs should actually improve trade balance in the U.S and should give more strength to the dollar and push gold prices down."

On the other hand, silver prices shed 20 to 38,080 per kg on lack of buying support from consuming industries, added the report.Silver ready eased by 20 to 38,080 per kg, while weekly-based delivery rebounded by 255 to 37,575 per kg on speculative buying. Silver coins however held steady at 72,000 for buying and 73,000 for selling of 100 pieces.

The dollar index was hovering near a 10-week low against a basket of major currencies. The rupee strengthened against the US dollar on Wednesday after a news report said the Reserve Bank of India was studying off-market swap deals for oil retailers.

Investors are awaiting next week’s Federal Reserve meeting, where the central bank is widely expected to raise benchmark interest rates.

With inputs from Reuters

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