Gold prices rule firm for 4th day in Mumbai, silver extends fall
Mumbai: Gold prices continued to rule firm at the bullion market in Mumbai on Friday due to strong demand from stockists and retailers.
However, silver remained under selling pressure for the second day and shed Rs30 per kg due to reduced offtake by industrial units. Standard gold (99.5 purity) climbed by Rs40 to end at Rs29,520 per 10 grams from Thursday’s level of Rs29,480.
Pure gold (99.9 purity) also rose by the same amount to finish at Rs29,670 per 10 grams from Rs29,630. However, silver (.999 fineness) dipped by Rs30 per kg to conclude at Rs39,545 as against Rs39,575.
Globally, gold prices were on track for their first weekly rise in a month after uncertainty over US tax reform pushed stock markets lower and weakened the dollar, making bullion cheaper for holders of other currencies.
Spot gold was flat at $1,284.37 an ounce at early trade but up 1.2% this week after touching $1,288.34 on Thursday, the highest since 20 October. In other precious metals, silver was flat at $16.99 an ounce but was on track for a 1.1% gain this week, its first weekly rise in four weeks.
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