Free Press Journal

Gold advances on seasonal uptick; silver eases


gold shopping

Mumbai: Gold edged higher in a quiet trade at the bullion market here following sustained offtake by stockists and retail consumers in view of ongoing wedding season and festivities. Meanwhile, silver prices took a breather after a five session uninterrupted surge and fell slightly amid lacklustre industrial support.

Standard gold (99.5 purity) firmed up by Rs 30 to finish at Rs 26,300 per 10 grams from Tuesday’s closing level of Rs 26,270. Pure gold (99.9 purity) also gained by a similar margin to end at Rs 26,450 per 10 grams against Rs 26,420.

However, silver (.999 fineness) softened by Rs 20 to settle at Rs 38,410 per kg compared to Rs 38,430 yesterday. In worldwide trade, the yellow-metal climbed to its highest level in 2-1/2 week on easing worries over an imminent Fed rate hike on the back disappointing macro data amid weak dollar sentiment.

Spot gold was bid higher at USD 1,193.00 an ounce in early European trade.