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Gold extends gains on global cues; silver turns weak

Press Trust of India  |  Mumbai 

Rising for the second day, gold prices climbed Rs 85 per 10 grams at the bullion market here today as jewellers and retailers increased buying in the ongoing festive and wedding season amid a firming global trend.

Elsewhere, silver turned weak owing to lower demand from consuming industries.

Standard gold (99.5 purity) climbed by Rs 85 to end at Rs 29,960 per 10 grams as compared to Monday's closing level of Rs 29,875.

Pure gold (99.9 purity) also rose by a similar margin to finish at Rs 30,110 per 10 grams as against Rs 30,025 earlier.

Silver (.999 fineness) moved down by Rs 10 to conclude at Rs 43,070 per kg from Rs 43,080 previously.

Globally, gold edged up on a weaker dollar and as equities plunged on soft Chinese trade data that stoked concerns about the health of the world's No.2 economy.

Spot gold was up 0.3 per cent at USD 1,257.95 an ounce in early European trade, while US gold futures advanced 0.5 per cent to USD 1,259.80 an ounce.

Among other precious metals, silver gained 0.5 per cent to USD 17.54 an ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 18:14 IST