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Gold in a narrow range on muted demand

Gold prices were little changed in futures trade on Friday amid tepid demand by jewellers at the spot market.

Besides, the improved risk appetite of investors for equities after the British parliament voted in favour of extending the Brexit deadline also weighed on the demand of safe-haven asset.

Easing US dollar, however, offered some support to gold prices as a weak dollar means gold will appreciate as the commodity becomes cheaper in other currencies, giving rise to its demand.

Gold prices rose in global markets, recovering from the previous session’s sharp fall, as the dollar dipped and mounting concerns about a slowdown in global economic growth boosted demand for the safe-haven bullion, Reuters reported.

Silver prices witnessed a sharp rise due to heightened demand by industrial units and coin makers.

The MCX Gold was trading at Rs 31,833 per 10 grams, up by Rs 25, while MCX Silver was trading Rs 195 higher at Rs 38,122 a kilo around 10:50 am.

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