Mumbai: Gold prices rallied by Rs220 to Rs16,960 per ten grams at the bullion market on Wednesday on the back of aggressive buying by stockists and jewelers, sparked by a sharp rise in global markets.
Standard gold (99.5 purity) strengthened by Rs220 per ten grams to end at Rs16,960 from Tuesday’s closing level of Rs16,740.
Pure gold (99.9 purity) shot up by Rs215 per ten grams to finish at Rs17,045 as against Rs16,830 previously.
However, silver ready (.999 fineness) dropped by Rs260 per kilo to close at Rs28,035 from Rs28,295 on Tuesday.
The industrial metal met with heavy offloading from traders, who took cues from the overnight crash at the London Metal Exchange (LME).
In New York, gold for June delivery rose on Tuesday by $8.20 to $1,162.20 an ounce on the Comex division of the NYMEX.
Silver for May delivery also lost 22 cents to $18.11 an ounce.