Free Press Journal

Gold inches up in steady trade, silver rallies

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Mumbai: Gold prices gained marginally in quiet trade at the domestic bullion market here on sustained local buying support amid investors caution after recent massive rally. Elsewhere, silver continued its strong rallying momentum on the back of hectic speculative demand. Standard gold (99.5 purity) edged up by Rs 5 to settle at Rs 25,730 per 10 grams from overnight closing level of Rs 25,725. Pure gold (99.9 purity) also added by a similar margin to end at Rs 25,880 per 10 grams compared to Rs 25,875 yesterday.

Silver (.999 fineness) rose by Rs 185 to finish at Rs 36,620 per kg compared to Thursday’s close of Rs 36,435. Retail buyers and traders turned a bit cautious and opted to stay on the sidelines after recent massive spike in prices and also extended trading holiday tomorrow, a bullion trader commented.

The yellow-metal has rebounded smartly from its four- year low by a whopping Rs 1,140 or 4.64 per cent in just seven-trading sessions. On the global front, the shiny-metal traded a tad higher ahead of key US macro data amid strong dollar movement. Spot gold was up at USD 1,118.20 an ounce in early European trade.