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Gold gains further, silver weakens

Press Trust of India  |  Mumbai 

Gold prices strengthened further at the domestic bullion market here today on sustained demand from stockists in the face of bullish overseas cues.

On the other hand, silver declined on lack of buying enquires.

Standard gold (99.5 purity) firmed up by Rs 70 per 10 grams to end at Rs 28,490 from yesterday's closing level of Rs 28,420.

Pure gold (99.9 purity) also edged up by a similar margin to settle at Rs 28,640 per 10 grams against Rs 28,570 earlier.

However, silver (.999 fineness) dropped by Rs 215 to conclude at Rs 41,325 per kg from Rs 41,540 yesterday.

Globally, gold rose and was on course for its first weekly gain since February as the dollar hit a five-week low following the Federal Reserve's cautious message on interest rates, making bullion cheaper for holders of non-US currencies.

Spot gold was up 0.2 per cent at USD 1,228.96 an ounce at early trade, taking its gains this week to 2 per cent. On Thursday the metal hit USD 1,233.13, its highest since March 6.

Silver was 0.4 per cent higher at USD 17.35 an ounce.

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

First Published: Fri, March 17 2017. 18:02 IST