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Gold rises on fresh demand, silver firms up for 7th day

Press Trust of India  |  Mumbai 

prices rebounded smartly by Rs 215 to reclaim the Rs 31,000-mark at the market here today following renewed demand from stockists and retailers amid bullish global cues.

Silver prices firmed up further for the seventh straight session, rising by Rs 490 to close above the 41,000 level at Rs 41,070 per kg on persistent offtake by industrial units and coin makers.

Standard (99.5 per cent purity) climbed by Rs 215 to finish at Rs 31,080 per 10 grams from Wednesday's closing level of Rs 30,865.

Pure (99.9 per cent purity) also moved up by a similar margin to end at Rs 31,230 per 10 grams against Rs 31,015, earlier.

Silver (.999 fineness) advanced by Rs 490 to conclude at Rs 41,070 per kg compared to Rs 40,580, yesterday.

Globally, gold hit a two-week high as the dollar fell and investors fretted over weak Chinese data and US-trade frictions.

The precious metals' upside movement was capped due to hawkish Federal Reserve.

Spot gold rose by 0.5 percent to USD 1,304.65 per ounce in an early European trade. It earlier hit a high of USD 1,303.58 an ounce, its best since May 31.

Silver climbed to USD 17.12 an ounce, having earlier hit USD 17.15 an ounce, its highest since April 20.

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

First Published: Thu, June 14 2018. 18:35 IST
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