Gold rises on domestic buying, firm global cues

Gold rises on domestic buying, firm global cues

Mumbai: Gold prices edged higher at the bullion market here on Monday due to sustained demand from local buyers and jewellers amid positive European cues.

Silver also firmed up on higher off-take from industrial users.

Sustained local buying interest along with jewellery demand due to marriage season mainly helped the gold prices to stay firm, traders said.

Standard gold (99.5 purity) moved up by Rs10 per ten grams to end at Rs16,840 from last weekend’s closing level of Rs16,830.

Pure gold (99.9 purity) gained by a similar margin to close at Rs16,925 per ten grams as against Rs16,915 previously.

Silver ready (.999 fineness) rose by Rs80 per kilo to finish at Rs26,205 from Rs26,125.

In Europe, gold hit a one-month high as the dollar weakened against basket currencies.

Spot gold was quoted at $1,121.25 an ounce in early trade as against $1,117.50 of New York’s notional close on Friday.

Silver was bid at $16.40 an ounce against $16.27.