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    Gold rises for fourth consecutive day, touches fresh high

    Gold rises for fourth consecutive day, touches fresh high

    Gold rises for fourth consecutive day, touches fresh high
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    By CNBC-TV18  IST (Published)

    Continuing its record-setting trend for the fourth consecutive day, gold prices rose on Friday to reach a record high in the national capital amid a weaker rupee.  Global gold prices, on the other hand, eased and was set for its worst week in nearly five months, as lack of clarity from the US Federal Reserve on the outlook for interest rate cuts triggered investors to cash in some gains ahead of Jerome Powell's speech at Jackson Hole.
    In global markets, spot gold rate was down 0.2 percent to $1,495.80 per ounce and US gold futures also slipped 0.2 percent to $1,505.50 an ounce, reported Reuters.
    In the national capital, gold of 99.9 percent purity advanced Rs 25 to Rs 38,995 per 10 gram, while that of 99.5 percent gained Rs 5 to Rs 38,825 per 10 gram, reported PTI.
    Silver ready held flat at 45,100 per kg, while weekly-based delivery declined Rs 99 to Rs 43,666 per kg.Silver coins held flat at Rs 91,000 for buying and Rs 92,000 for selling of 100 coins, reported PTI.
    Sovereign gold stood steady at 28,800 per eight gram.
    Besides, a weaker rupee also led to the increase in price of the precious metal.
    The rupee declined below the 72 mark against the US currency in the opening session on Friday. It fell by 22 paise to trade at a nine-month low of 72.03 against the US dollar in early session.
    "Globally, gold traded weak with international spot gold prices falling below USD 1,500 on Friday on positive US equity futures and stronger dollar index," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
    Traders are awaiting the key Jackson Hole meeting for cues on gold prices. Fed Chair Jerome Powell's speech on Friday will be crucial for markets to get clarity over future rate cuts which may affect gold prices, Patel said.
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