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Gold Prices Rise on Festive Demand, Rate Touches Rs 32,650 Per 10 Gram

Despite subdued demand for gold jewellery during the current fiscal, the outlook for the retail industry of jewellery made of the yellow metal remained positive, and over the medium to long term the gold jewellery demand growth is projected at 6-7 per cent, said a report released on Friday.

New Delhi, November 3: Gold prices recovered by Rs 20 to Rs 32,650 per 10 gram at the bullion market Saturday on festive season demand even as the precious metal weakened overseas. Tracking gold, silver too rose by Rs 30 to Rs 39,530 per kg. Traders attributed the moderate recovery in gold prices to fresh purchases by jewellers to meet festive season demand but a weak trend in global market capped the gains.

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Globally, gold shed 0.06 per cent to USD 1,233.20 an ounce and silver by 0.03 per cent to USD 14.82 an ounce in New York on Friday. In the national capital, gold of 99.9 and 99.5 per cent purity edged up by Rs 20 each to Rs 32,650 and Rs 32,500 per 10 gram, respectively. It had dropped by Rs 150 on Friday. Sovereign, however, remained flat at Rs 24,900 per piece of eight gram. Gold Rates Continue to Fall Ahead of Dhanteras, Diwali 2018.

Silver ready traded higher by Rs 30 to Rs 39,530 per kg and weekly-based delivery rose Rs 274 to Rs 38,820 per kg. Silver coins were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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