Free Press Journal

Gold moves higher on stockists offtake, global cues



Mumbai: Gold continued its rising streak for the third day at the domestic bullion market here on the back of increased buying by jewellery stockists as well as retailers ahead of peak festive season.

Elsewhere, silver also rallied further owing to strong industrial demand. Standard gold (99.5 purity) rose by Rs 55 to finish at Rs 24,825 per 10 grams from last Saturday’s closing level of Rs 24,770. Pure gold (99.9 purity) also added by a similar margin to settle at Rs 24,975 per 10 grams as compared to Rs 24,920.

Silver (.999 fineness) climbed by Rs 160 to end at Rs 34,840 per kg from Rs 34,680 last weekend.

In worldwide trade, the shiny-metal moved marginally higher, within striking distance of the psychologically significant USD 1,100 level mainly driven by short covering and also weak dollar amid Fed rate hike speculation.

Spot gold was up at USD 1,096.50 an ounce in early European trade, while silver quoted little changed at USD 14.87 an ounce.