Gold, silver prices maintain uptrend on buoyant retail buying
Mumbai: Gold prices maintained their strong rising trend for the third straight day at the bullion market here Saturday on consistent buying from retail consumers as well as good jewellery off-take.
Silver prices also strengthened further owing to increased demand from industrial users.
Robust demand from stockists and traders ahead of festivities, mainly auspicious Akshaya Tritiya next month and wedding season along with a surge in retail purchases amid bullish global sentiment mainly helped gold regain some lost ground this week after plunging to a 20-month low.
Standard gold of 99.5 percent purity firmed up by Rs 80 to finish at Rs 27,380 per 10 gms from Friday's closing level of Rs 27,300.
Pure gold of 99.9 percent purity also rose by Rs 70 to conclude at Rs 27,510 per 10 gms from Rs 27,440.
Silver ready (.999 fineness) gained Rs 195 to close at Rs 46,630 per kg, as compared to Rs 46,435 yesterday.
Meanwhile globally, gold witnessed modest profit-taking after its recent sharp pullback rally amid uncertainty over continuation of the US monetary stimulus.
In New York, gold for June delivery lost by USD 8.40 to settle at USD 1,453.60 an ounce on the Comex division of the NYMEX late yesterday.
Silver for May contract eased to settle at USD 23.76 an ounce.