INSUBCONTINENT EXCLUSIVE:
Globally, gold held steady on Wednesday as the dollar traded near three-week lowsGold prices rose by Rs 120 to Rs 34,650 per 10 grams at the
bullion market on Wednesday following increased buying by local jewellers and retailers, reported news agency Press Trust of India (PTI)
quoting the All India Sarafa Association
Silver followed suit and recovered by Rs 70 to Rs 41,475 per kg due to increased offtake from industrial users and coin makers
However, global cues were weak, capping the gains in both the precious metals
Traders attributed the rise in gold prices to pickup in buying by local jewellers at spot markets to meet ongoing wedding season demand
Besides, weakness in the rupee which depreciated 42 paise to 71.49 against the dollar in intraday trade, making imports costlier, too
Sovereign gold, however, remained flat at Rs 26,600 per piece of 8 grams on little doing
Globally, gold held steady on Wednesday as the dollar traded near three-week lows, after US Federal Reserve Chairman Jerome Powell
reiterated that the central bank will be patient in hiking interest rates, reported news agency Reuters.4
Spot gold was down 0.1 per cent at $1,327.26 per ounce in intraday trade, while US gold futures were flat at $1,329.5
Tracking gold, silver ready moved up by Rs 70 to Rs 41,475 per kg and weekly-based delivery rose by Rs 54 to Rs 40,130 per kg
Silver coins, however, continued to be traded at previous level of Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces.(With agency
