Gold prices rose by Rs 175 to Rs 12,385 per 10 gram in the bullion market in New Delhi on April 17 on emergence of buying by jewellers and retail customers amid a steep rise in its prices in global markets. Marketmen said ongoing heavy buying for the current marriage season and reports of the precious metal rising in the international markets following a record rise in crude oil, mainly influenced gold prices in the domestic market. They said crude oil rose to a record in New York, adding to prospects of faster inflation and reducing the likelihood that the European Central Bank will cut interest rates.
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