Gold continues to surge on global cues, silver recovers
Gold prices continued its uptrend for the third consecutive session at the bullion market in Mumbai today on heavy stockists and speculative buying on the back of festive demand amidst firming trend in overseas markets.business Updated: Aug 13, 2010 22:33 IST
Gold prices continued its uptrend for the third consecutive session at the bullion market in Mumbai on Friday on heavy stockists and speculative buying on the back of festive demand amidst firming trend in overseas markets.
"Gold is now tracking the global rally as coming festive and marriage season demands would surely support the trend," traders said.
Silver rebounded on fresh buying from industrial users.
Standard gold (99.5 purity) hardened by Rs 125 per ten grams to end at Rs 18,530 from Thursday's closing level of Rs 18,405.
Pure gold (99.9 purity) also shot up by a similar margin of Rs 125 per ten grams to close at Rs 18,620, as against Rs 18,495 previously.
Silver ready (.999 fineness) rose by Rs 130 per kilo to finish at Rs 29,535 from Rs 29,405 on Thursday.
In Europe, gold climbed to a one month high over disappointing US economic data turned the yellow metal as safe haven bet.
Spot gold was bid at $ 1,215.05 an ounce in early trade, as against $ 1,211.20 late in New York on Thursday.
Silver was at $ 18.11 an ounce from $ 18.02.