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Gold remains up on firm global cues, silver strengthens

Press Trust of India  |  Mumbai 

Gold prices surged by Rs 280 per 10 grams at the bullion market today, tracking a firm global trend and pick up in buying by jewellers and retailers amid wedding season demand.

Silver prices continued its upward journey for the fourth day, on increased offtake by industrial units.

Standard gold (99.5 purity) gained by Rs 280 to end at Rs 29,425 per 10 grams as against Thursday's closing level of Rs 29,145.

Pure gold (99.9 purity) also rallied by a similar margin to conclude at Rs 29,575 per 10 grams as against Rs 29,295 previously.

Silver (.999 fineness) rose by Rs 75 to finish at Rs 43,170 as compared to Rs 43,095 on last Thursday.

On the global front, gold hit a five-month high as investors took refuge in safe-haven assets in the wake of rising geopolitical tensions over North Korea.

Spot gold was up 0.3 percent at USD 1,288.50 per ounce at early trade, after hitting its highest since early November at USD 1,295.42 earlier in the session.

Spot silver was up 0.2 percent at USD 18.55 after touching a five-month high of USD 18.649.

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

First Published: Mon, April 17 2017. 18:07 IST