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Gold advances for 4th day, mirrors global trend

PTI | New Delhi |

Tracking a firm global trend and continued buying by local jewellers, gold maintained its upward trend for the fourth day on the trot and added another Rs.150 at Rs.28,500 per 10 grams on Friday.

But silver went steady at Rs.39,900 per kg on scattered support from industrial units.

Traders said that apart from the bullish trend overseas and weakness in the dollar that stoked demand for the precious metal as a safe haven asset, persistent buying by local jewellers boosted gold prices.

Globally, the yellow metal rose 0.14 per cent to $1,159.30 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by another Rs.150 each to Rs.28,500 and Rs.28,350 per 10 grams, respectively. It had gained Rs.800 in the previous three days.

Sovereign, however, remained steady at Rs.24,000 per piece of eight grams in scattered deals.

On the other hand, silver ready ruled flat at Rs.39,900 per kg while weekly-based delivery declined by Rs.90 to Rs.39,680 per kg.

Meanwhile, silver coins were unaltered at Rs.70,000 for buying and Rs.71,000 for selling of 100 pieces.