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Gold shines brighter on seasonal buying, Fed rate hike delay

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Gold rises

Mumbai: Gold prices moved significantly higher to close at two-week high on the domestic bullion market here today following heavy offtake by jewellery traders and stockists against the backdrop of bullish overseas tone. Elsewhere, silver also firmed up on sustained demand from industrial users.Standard gold (99.5 purity) jumped by Rs 270 to finish at Rs 26,600 per 10 grams from last Friday’s closing level of Rs 26,330.

Pure gold (99.9 purity) also spiked by a similar margin to settle at Rs 26,750 per 10 grams against Rs 26,480 earlier. Silver (.999 fineness) gained by Rs 75 to end at Rs 37,505 per kg compared to Rs 37,430 previously. On the global front, the shiny metal rallied to its highest level in seven weeks on sliding dollar value amid expectations that the Fed would delay its liftoff to next year in the wake of risks from the slowdown in emerging markets and the low inflation rate. Spot shot-up to USD 1,163.80 an ounce in early European trade and silver was quoted marginally higher at USD 15.91 an ounce.