Gold advances further on higher global cues

Gold prices advanced further for the fourth consecutive day on the bullion market on sustained stockists buying triggered by higher global advices.
  
Gold prices rose in New York for a fourth-straight session, briefly topping the $ 960 an ounce mark for the first time in nearly two months as the $ weakened against its major rivals on concerns over the U.S. Credit rating.

The greenback fell on Friday to the lowest level this year against the euro as worries increased that the US could lose its triple-A credit rating.

Gold for June delivery rose to as high as $ 963.10 an ounce for the first time since March 19 before closing at $ 958.90 an ounce, up $ 7.70 an ounce.

Silver for July delivery also gained by 25 cents to $ 14.695 an ounce.

In the domestic market, standard gold (99.5 purity) moved up further by Rs 15 per ten grams to Rs 14,555 from Rs 14,540 yesterday.

Pure gold (99.9 purity) also edged up to Rs 14,620 from Rs 14,610.

However, silver ready (.999 fineness) fell by Rs 40 per kilo to Rs 22,730 from Rs 22,770.