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Gold, silver rise on healthy spot demand

Gold prices climbed up in the futures trade on Tuesday, backed by a rise in demand by local jewellers and a favourable trend in overseas markets.

The yellow metal rose in global markets as the dollarNSE 0.58 % weakened against the pound after the European Commission accepted amendments to the UK’s Brexit deal, although gains were limited as the agreement also buoyed sentiment for riskier assets, Reuters reported.

A weak dollar means gold will appreciate as the commodity becomes cheaper in other currencies, giving rise to its demand.

The MCX Gold was trading at Rs 31943 per 10 grams, up by Rs 47 around 12:05 pm.

Silver prices witnessed strong gains on strong demand by industrial units and coin makers.

The MCX Silver was trading Rs 210 higher at Rs 38660 a kilo around the same time.

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