Gold rallies on fresh buying, silver firms up

Gold rallies on fresh buying, silver firms up

Mumbai: Gold prices rallied at the bullion market here on Saturday due to hectic buying by stockists and speculators at lower levels despite a bearish trend in overseas markets.

Silver also firmed up owing to good demand from industrial users.

Standard gold (99.5 purity) strengthened by Rs205 per ten grams to close at Rs16,495 from previous closing level of Rs16,290.

Pure gold (99.9 purity) shot up by Rs200 per ten grams to finish at Rs16,580 as against Rs16,380 previously.

Silver ready (.999 fineness) moved up by Rs75 per kilo to conclude at Rs25,155 from Rs25,080.

In New York, gold for April delivery down by 41 cents at $1,090.00 an ounce on the Comex division of the NYMEX.

Silver for March delivery fell by 14 cents to $15.45 an ounce.