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Gold, silver move up on demand, global cues

Trading sentiment turned bullish after gold advanced for the third day in Asia on speculation the dollar's retreat may boost demand for the precious metal.

twitter-logoPTI | December 28, 2010 | Updated 17:20 IST

Gold moved up Rs 70 to Rs 20,790 per ten gram, while silver rose Rs 150 to Rs 45,000 per kg at the bullion market on Tuesday, on fresh buying by jewellery makers to meet the demand for the marriage season amid a firming Asian trend.

Trading sentiment turned bullish after gold advanced for the third day in Asia on speculation the dollar's retreat may boost demand for the precious metal as an alternative safe investment.

Buying in precious metals was further bolstered on retail customers and jewellers buying for the ongoing marriage season.

Gold in overseas markets, which normally set price trend at home, climbed 0.6 per cent to $1,391.95 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity moved up Rs 70 each to Rs 20,790 and Rs 20,670 per ten grams, respectively. Sovereign followed suit and traded higher by Rs 50 to Rs 16,800 per piece of eight gram.

Silver ready, too, in line with the general firming trend, climbed Rs 150 to Rs 45,000 per kg and weekly-based delivery Rs 130 to Rs 44,530 per kg. Silver coins also went up Rs 100 to Rs 49,400 for buying and Rs 49,500 for selling of 100 pieces.

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