Gold prices strengthened further at the domestic bullion market Friday following firm demand from stockists amid positive global cues. Elsewhere, silver advanced owing to heavy speculative demand on the back of strong industrial buying support. Stepping up pressure, jewellery traders have decided to extend their strike till March 7 even as bullion markets across cities, including Delhi and Mumbai, largely remained shut for the third day today in protest against the government's move to impose 1 per cent excise duty on jewellery. Standard gold (99.5 purity) advanced by Rs 455 to end at Rs 29,300 per 10 grams from Thursday's level of Rs 28,845. Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 29,450 per 10 grams from Rs 28,995. Silver (.999 fineness) jumped by Rs 975 per kg to finish at Rs 37,650 compared to Rs 36,675 previously. Globally, gold hit its highest in more than a year early today, extending the previous day's 2% rally as oil prices declined and the dollar softened, while traders awaited a closely watched payrolls report from the US. Weak numbers in the payrolls data may further dampen expectations that the Federal Reserve will raise interest rates again this year, benefiting gold. Spot gold was up $1,271.88 an ounce early European trade and silver rose by $15.42.
Gold, silver strengthen on firm demand, global cues
Elsewhere, silver advanced owing to heavy speculative demand on the back of strong industrial buying support
Press Trust of India |