Gold strengthens on festive buyinghttps://indianexpress.com/article/news-archive/web/gold-strengthens-on-festive-buying/

Gold strengthens on festive buying

Continuing its record-breaking journey,silver conquered another milestone of Rs 38,000 a kg.

Gold prices continued to rise at the bullion market in Mumbai due to persistent buying from jewellery traders and stockists to meet the rising retail demand ahead of festivities.

Continuing its record-breaking journey,silver conquered another milestone of Rs 38,000 a kg on the back of strong speculative buying amid higher industrial offtake,triggered by bullish overseas valuations.

Standard gold (99.5 purity) firmed up by Rs 80 per 10 grams to end at Rs 19,745 from last Saturday’s closing level of Rs 19,665.

Pure gold (99.9 purity) also rose by a similar margin to finish at Rs 19,840 per 10 grams,as against Rs 19,760 previously.

Advertising

Silver ready (.999 fineness) spurted by Rs 385 per kg to close at Rs 38,295 from last weekend close of Rs 37,910.

On the global front,gold maintained its momentum and hit a two-week high,boosted by weakening dollar,while silver soared to a fresh 30-year high on investment driven buying.