Free Press Journal

Gold rallies on robust demand, silver also surges


mumbai bullion

mumbai bullion

Mumbai: Gold prices shot up here today due to frantic stockist as well as investment off-take amid speculative buying following buoyant overseas trend after US Federal Reserve supported low interest rates.

Silver also rose sharply and breached the Rs 43,000 per kg mark on the back of fresh demand from industrial users.

Standard gold (99.5 purity) rose by Rs 378 to quote at Rs 28,993 per 10 grams at 1700 hrs from Wednesday’s level of Rs 28,615, a bullion trader said.

Pure gold (99.9 purity) also jumped by a similar margin to Rs 29,143 per 10 grams from Rs 28,765 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) surged by Rs 761 to Rs 43,670 per kg at 1700 hrs as compared to Rs 42,909 yesterday.

The domestic trading sentiment turned buoyant after the yellow metal rose to multi-week highs in overseas trade on easing rate hike fears after minutes from the US Fed’s recent policy meeting indicated that officials were not keen on increasing interest rates anytime soon. Wedding season demand also boosted sentiment.