Gold prices gain further on sustained demand
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Mumbai: Gold prices strengthened further at the domestic bullion market in Mumbai on Friday on sustained demand from stockists in the face of bullish overseas cues.
On the other hand, silver declined on lack of buying enquires. Standard gold (99.5% purity) firmed up by Rs70 per 10 grams to end at Rs28,490 from Thursday’s closing level of Rs28,420.
Pure gold (99.9% purity) also edged up by a similar margin to settle at Rs 28,640 per 10 grams against Rs 28,570 earlier.
However, silver (.999 fineness) dropped by Rs215 to conclude at Rs41,325 per kg from Rs41,540 on Thursday.
Globally, gold rose and was on course for its first weekly gain since February as the dollar hit a five-week low following the Federal Reserve’s cautious message on interest rates, making bullion cheaper for holders of non-US currencies.
Spot gold was up 0.2% at $1,228.96 an ounce at early trade, taking its gains this week to 2%. On Thursday the metal hit $1,233.13, its highest since 6 March. Silver was 0.4% higher at $17.35 an ounce.