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Gold valued at over Rs 50 lakh seized in 5 separate cases

Over 1.7 kg gold,valued at over Rs 50 lakh has been seized by customs officials at the international airport at nearby Nedumbassery in five separate cases.

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Over 1.7 kg gold,valued at over Rs 50 lakh has been seized by customs officials at the international airport at nearby Nedumbassery in five separate cases.

During the March 18-March 24 period, the Customs Intelligence team seized a total of 1718.49 grams of gold in five separate cases, Customs Commissioner Sumit Kumar said.

The seized gold was valued at Rs 53.45 lakh, he said.

It included seizure of five gold biscuits, each weighing 116.64 gms from a Malappuram based passenger who arrived here from Dubai by an Indigo flight early this morning, Kumar said.

He said intelligence officers were keeping a tight vigil on the movements of suspected passengers in and out of Kochi International Airport. 

Gold prices rose by Rs 85 to trade at one-month high of Rs 31,835 per 10 grams today on strong global cues and increased buying by local jewellers.

Silver prices also went up by Rs 50 to Rs 39,600 per kg, on sustained buying by industrial units and coin makers. 

Marketmen said, sentiment remained bullish largely backed by a firming trend overseas as renewed trade war fears between the US and China dragged the US dollar down, prompting safe-haven buying.

Globally, gold rose by 1.37 per cent to USD 1,346.80 an ounce and silver by 1.13 per cent to USD 16.53 an ounce in New York in yesterday's trade.

Moreover, pick-up in buying by local jewellers helped the precious metal to hit one-month high, they added.

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