Gold prices gain on renewed demand in Mumbai, silver tops Rs39,000
Mumbai: Gold prices recovered by Rs215 to reach Rs29,330 per 10 grams at the domestic bullion market in Mumbai Tuesday following fresh offtake from stockists even as the metal weakened overseas.
Elsewhere, silver reclaimed the Rs39,000 mark by surging Rs545 per kg on heavy speculative rally. Standard gold (99.5% purity) climbed by Rs215 to close at Rs29,330 per 10 grams from Monday’s level of Rs29,115.
Pure gold (99.9% purity) also moved up by the same amount to Rs29,480 per 10 grams as against Rs29,265 previously. Silver (.999 fineness) jumped by Rs545 to finish at Rs39,540 per kg as compared to Rs38,995 earlier.
Globally, gold fell as investors locked in gains from the metal’s biggest one-day rally in six weeks, posted after a string of high-profile arrests in Saudi Arabia sent oil to a 2-1/2 year high, and the dollar and US Treasury yields sank.
Spot gold was down 0.4% at $1,276.81 an ounce at early trade. Among other precious metals, silver was down 1.1% at $17.04 an ounce after hitting its highest since 20 October at $17.27 earlier in the session.
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