Gold, silver hold firm on rising demand, global sentiment
Gold prices maintained its firmness at the domestic bullion market in Mumbai today on consistent demand from stockists as well as good retail buying interest, supported by buoyant global cues.business Updated: May 19, 2012 16:40 IST
Gold prices maintained its firmness at the domestic bullion market in Mumbai on Saturday on consistent demand from stockists as well as good retail buying interest, supported by buoyant global cues.
Silver, too rallied further on renewed speculative demand amidst higher industrial off-take.
Standard gold (99.5 purity) strengthened by Rs 150 to finish at Rs 28,990 per 10 gm from overnight closing level of Rs 28,840.
Pure gold (99.9 purity) also hardened by a similar margin of Rs 150 to close at Rs 29,130 per 10 gm from Rs 28,980.
Silver ready (.999 fineness) jumped by Rs 665 per kg to conclude at Rs 54,750 from Friday's close of Rs 54,085.
On the global front, gold extended pull-back momentum on safe-haven buying as US dollar lost steam following disappointing economic data.
Gold for June delivery rose $17 to settle at $1,591.90 an ounce on the Comex division of the NYMEX.
Silver for July contract added 70 cents to $28.72 an ounce.