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Spot gold prices gained around 0.8 percent yesterday on the back of weakness in the DX. Further, favorable economic data from the US in yesterday’s trade supported an upside in prices.
However, sharp upside was capped as a result of declining trend in SPDR gold holdings to 909.59 tonnes. Additionally, weak global market sentiments coupled with rising concerns over the US debt ceiling restricted positive movement in prices. The yellow metal touched an intra-day high of $1337.90/oz and closed at $1333/oz in yesterday’s trade.
On the MCX, October contract gold prices jumped around 1.3 pecentand closed at Rs.30,215/10 gms after touching an intra-day high of Rs.30,290/10 gms on Wednesday.