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Gold prices jump on seasonal buying, weak rupee

Gold of 99.9 and 99.5 per cent purity surged by Rs 915 each to Rs 31,815 and Rs 31,615 per ten gram, respectively. Silver ready met with resistance and declined by Rs 160 to Rs 48,850.

twitter-logoPTI | November 12, 2013 | Updated 16:58 IST
Gold prices jump on seasonal buying, weak rupee

Gold prices surged by Rs 915 to Rs 31,815 per ten gram in New Delhi on Tuesday even as silver prices declined by Rs 160 to Rs 48,850 per kg.

Traders said prices of the yellow metal surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier.

The rupee fell to 63.52 per dollar, its lowest level in more than two months, in intra-day trade on Tuesday.

Shifting of funds from weakening equity to rising gold also influenced the yellow metal, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 915 each to Rs 31,815 and Rs 31,615 per ten gram, respectively. It had lost Rs 500 in last two trades.

Sovereign followed suit and rose by Rs 200 to Rs 25,200 per piece of eight gram.

On the other hand, silver ready met with resistance and declined by Rs 160 to Rs 48,850 and weekly-based delivery by Rs 260 to Rs 48,050 per kg. The white metal had gained Rs 110 on Monday.

Silver coins also tumbled by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

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