Gold strengthens on firm buying amid buoyant global cues

Mumbai: Gold prices rallied further at the domestic bullion market Saturday on consistent buying from jewellery traders and retailers as well as robust investment off take driven by bullish global fundamentals.

Silver also maintained its strong momentum on the back of frantic speculative demand coupled with good industrial support.

Standard gold (99.5 purity) rose by Rs 135 to conclude at Rs 28,285 per 10 grams against overnight closing level of Rs 28,150.

Pure gold (99.9 purity) also climbed by the same margin to close at Rs 28,435 per 10 grams from Rs 28,300.

Silver (.999 fineness) jumped by Rs 270 per kg to finish at Rs 45,320 per kg as compared to Rs
45,050 yesterday.

Globally, the yellow-metal continued its ascent following flurry of save-haven buying supported by ongoing geopolitical tensions and dollar weakness.

Gold for August delivery edged higher to settle at USD 1,316.60 an ounce on the Comex division of the NYMEX late yesterday, while silver gained to USD 20.95 an ounce.