Gold, silver strengthen on heavy stockist demand, global cues

Mumbai: Gold strengthened further at the domestic bullion market today on sustained buying interest from stockists and retailers amid strong global cues.

Silver reclaimed the Rs 46,000-mark per kg due to good speculative offtake amid heavy industrial demand.

Standard gold (99.5 purity) climbed by Rs 245 to close at Rs 31,090 per 10 grams from last Friday's closing level of Rs 30,845.

Pure gold (99.9 purity) also gained by a similar margin to close at Rs 31,240 per 10 grams against Rs 30,995.

Silver (.999 fineness) zoomed by a whopping Rs 1,335 per kg to close at Rs 46,635 from Rs 45,300 previously.

Globally, gold prices edged higher as the dollar weakened on expectations that the US Federal Reserve will not raise interest rates at its September policy meeting.

In London, spot gold rose 0.4 per cent to USD 1,330.52 an ounce at early trade, while US gold futures were 0.5 per cent higher at USD 1,332.70.

Among other precious metals, spot silver touched a near three-week high of USD 19.59 an ounce.