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Gold extends gains on global cues

Press Trust of India  |  Mumbai 

Rising for the second day, gold prices climbed Rs 100 per 10 grams at the bullion market here today riding on firming global trend and increased buying by local jewellers and retailers.

Silver also strengthened by Rs 285 per kg backed by increased offtake by industrial units.

Bullion traders attributed the rise to a firming trend overseas where gold rose to the highest in more than a week as an uptick in geopolitical uncertainty raised demand for the precious metal as safe haven.

Persistent buying by local jewellers to meet the ongoing seasonal demand too supported the upside, they added.

Standard gold (99.5 purity) climbed by Rs 100 to end at Rs 29,760 per 10 grams as compared to Monday's closing level of Rs 29,660.

Pure gold (99.9 purity) also rose by a similar margin to finish at Rs 29,910 per 10 grams as against Rs 29,810 earlier.

Silver (.999 fineness) firmed up by Rs 285 to conclude at Rs 39,805 per kg from Rs 39,520 previously.

Globally, gold touched its highest in nearly two weeks supported by a softer dollar and geopolitical tensions in Spain and North Korea, though gains were capped by expectations of another US interest rate increase.

Spot gold was up 0.4 per cent at USD 1,291.53 an ounce at early trade.

In other precious metals, silver rose 1.1 per cent to USD 17.13 an ounce, having touched a two-week high of USD 17.16.

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

First Published: Tue, October 10 2017. 18:28 IST