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Gold prices soared by Rs350 to trade at over 14-month high of Rs31,450 per 10 gram on Thursday, tracking a firm trend overseas amid pick-up in buying by local jewellers.
Silver prices regained the Rs41,000-mark by jumping Rs1,100 on increased offtake by industrial units and coin makers.
Bullion traders attributed the rally in gold to a firm trend overseas as the dollar weakened to near three-year lows in the wake of comments by US Treasury secretary Steven Mnuchin that he welcomed a weaker currency, raising demand for the precious metal as a safe haven.
Besides, an uptick in seasonal buying by local jewellers firmed up the prices, they added.
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