Gold, silver extend gains on retail buying support
Gold prices advanced further to reclaim the Rs 31,000 per 10 gm mark at the domestic bullion market on Saturday on increased consumer buying interest at existing lower levels amid good wedding season off-take.
Mumbai: Gold prices advanced further to reclaim the Rs 31,000 per 10 gm mark at the domestic bullion market on Saturday on increased consumer buying interest at existing lower levels amid good wedding season off-take.
Silver also strengthened on the back of renewed demand from speculators amid higher industrial off-take.
Standard gold (99.5 purity) firmed up by Rs 65 per 10 gm to finish at Rs 31,005 from Friday's closing level of Rs 30,940.
Pure gold (99.9 purity) edged up by Rs 60 per 10 gm to end at Rs 31,140 as against Rs 31,080.
Silver ready (.999 fineness) rose by Rs 275 per kg to conclude at Rs 62,350 from Rs 62,075 yesterday.
The recent drop in gold prices sparked off reasonable buying interest from stockists and retail consumers ahead of the long wedding season, trader said.
The shiny metal had plunged to a fresh one-month low on Thursday.
On the global front, gold finished higher on bargain hunting amid speculation of more stimulus measures from US Fed in its forthcoming meet despite a stronger-than-expected jobs data in the world's largest economy.
Gold for February delivery moved up USD 3.70 to USD 1,705.50 an ounce on the Comex division of the NYMEX late yesterday.
Silver for the March contract also settled higher at USD 33.13 an ounce.