Gold edges higher on good retail demand; silver rallies
Gold of 99.9 percent purity firmed up by Rs 80 to settle at Rs 26,585 from Rs 26,505.
Mumbai: Gold prices advanced further at the domestic bullion market Wednesday due to sustained local buying support as well as robust seasonal off-take.
Silver also rallied on the back of heavy demand from industrial users and jewellery makers amid speculative buyout.
Standard gold of 99.5 percent purity rose by Rs 85 to finish at Rs 26,445 per 10 gm from Tuesday's closing level of Rs 26,360.
Pure gold of 99.9 percent purity firmed up by Rs 80 to settle at Rs 26,585 from Rs 26,505.
Silver ready (.999 fineness) jumped by Rs 800 to end at Rs 44,915 per kg as compared to Rs 44,115 yesterday.
On the global front, precious metals are trading firm on weak dollar amid cautious ahead of congressional testimony on the economy by Federal Reserve Chairman Ben Bernanke later in the day.
Spot gold was bid higher at USD 1,384.91 an ounce in early European trade and spot silver marginally higher at USD 22.59 an ounce.