Gold strengthens on good buying support, global cues

Gold prices rose further at the domestic bullion market here due to sustained offtake from jewellery stockists as well as wedding season demand supported by a rising trend in global markets.
Silver also firmed up on the back of higher industrial demand.
Prices of standard gold (99.5 purity) climbed by Rs 105 to conclude at Rs 26,595 per 10 grams from Tuesday's level of Rs 26,490.
Pure gold (99.9 purity) also hardened by a similar margin to end at Rs 26,745 per 10 grams as against Rs 26,640.
Silver (.999 fineness) spurted by Rs 165 to finish at Rs 37,615 per kg compared with Rs 37,450 yesterday.

In worldwide trade, the yellow-metal witnessed a sharp rebound from seven-week lows on easing fears over an imminent US rate hike and strong buying from Chinese investors, triggering a rally in bullion.
Federal Reserve Chair Janet Yellen in her testimony to the Senate Banking Committee on Tuesday signaled an increase in US interest rates isn't imminent and said Fed is preparing to consider rate hikes on a "meeting-by-meeting basis.
Spot gold was substantially higher at USD 1,208.10 in early European trade, while silver was bid up at USD 16.52.