Gold, silver rise on firm demand, global cues
Standard gold (99.5 purity) climbed by Rs 115 to end at Rs 31,260 per 10 grams.
Mumbai: Gold prices rose for the third straight session at the domestic bullion market here today on sustained wave of buying interest from stockists and retailers as well as bullish overseas sentiment. Elsewhere, silver continued its rallying momentum on the back of heavy speculative demand coupled with strong industrial buying support.
Standard gold (99.5 purity) climbed by Rs 115 to end at Rs 31,260 per 10 grams as compared to Tuesday's closing level of Rs 31,145. Pure gold (99.9 purity) also rose by a similar margin to finish at Rs 31,410 per 10 grams as against Rs 31,295 yesterday. Silver (.999 fineness) advanced by Rs 510 to close at Rs 46,645 as compared to Rs 46,135 previously.
Globally, gold edged higher after the Bank of Japan adopted a target for long-term interest rates, and further gains are expected if the US central bank holds back from a rate increase. Spot gold was up 0.4 per cent at USD 1,319.72 an ounce in early European trade, while spot silver edged up 0.8 per cent to USD 19.42 an ounce.