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Gold prices up in India; international spot prices hit 2-week highs

News Agencies

New Delhi: Gold prices in India were trading higher on Wednesday ahead of the US Federal Reserve meeting outcome.

Domestic markets were mirroring the international prices, where gold hit a two-week high.

Usually such immediate fluctuations do not reflect in prices changes of gold products, mainly jewelry, in Kashmir.

On MCX, gold April futures were trading Rs 130 or 0.29 per cent higher at Rs 44,943 per 10 gram against the previous close of Rs 44,813. While silver May futures were ruling at Rs 67,025 per kg, up Rs 106 or 0.16 per cent on the Multi Commodity Exchange. In the previous session, silver futures settled at Rs 66,919 per kg.

Meanwhile, a strong US dollar, higher bond yields and signs of a global economic recovery continued to hit the safe-haven demand of precious metals, said an analyst.

In August last year, MCX gold hit a record of Rs 56,191 per 10 gram, since then gold prices have been mapping a downward trajectory, falling 20 per cent or Rs 11,248.

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