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Gold, silver rally on good buying support, global cues

Press Trust of India  |  Mumbai 

price rallied at the domestic bullion market here today in tandem with a firming trend overseas and increased buying by jewellers and retailers.

Silver surged further due to sustained demand from industrial users.

Standard (99.5 purity) hardened by Rs 235 to finish at Rs 28,285 per 10 grams from yesterday's closing level of Rs 28,050.

Pure (99.9 purity) also rose by a similar margin to end at Rs 28,435 per 10 grams compared with Rs 28,200.

Silver (.999 fineness) spurted by Rs 465 to conclude at Rs 39,480 per kg against Tuesday's level of Rs 39,015.

Globally, gold hit a two-week high as Asian stocks slipped and the dollar fell amid political uncertainty after a source said US President Donald Trump asked the FBI to end a probe into his former security adviser.

Spot gold climbed 0.6 per cent to USD 1,243.31 per ounce at early trade, after earlier touching its strongest since May 3 at USD 1,244.70. Gold has risen for five days straight.

Among other precious metals, silver marked its highest since May 2 and was up 0.3 pct at USD 16.87 per ounce.

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

First Published: Wed, May 17 2017. 18:13 IST