Published On:
Posted by Levasto India
Gold, silver soar on buoyant demand, global cues
Mumbai: Gold prices strengthened further at the domestic bullion market on consistent buying by stockists and jewellery retailers on the back of ongoing festival season demand
Apart from gold, silver also maintained its strong momentum owing to steady speculative off-take amid firm industrial demand. Standard gold (99.5 purity) surged by Rs 115 to end at Rs 29,880 per 10 grams from Thursday's closing level of Rs 29,765.
Pure gold (99.9 purity) spurted by Rs 120 to finish at Rs 30,020 per 10 grams from Rs 29,900. Silver ready (.999 fineness) rose by Rs 105 per kg to close at Rs 54,140 from Rs 54,035 previously.
On the global side, gold moved higher on weak dollar valuation supported by optimism over stimulus. Gold for December delivery advanced by USD 2.60 to settle at USD 1,622.80 an ounce on the Comex division of the NYMEX late yesterday. Silver for September contract eased to USD 28.06 an ounce.
