Gold, Silver Prices Rise on Good Demand, Global Cues

Mumbai: Gold prices rallied further at the domestic bullion market on increased buying from retailers and jewellers on the back of firm global sentiment.

Silver also firmed up owing to sustained demand from stockists as well as higher industrial offtake.

Standard gold of 99.5 per cent purity rose by Rs. 105 to conclude at Rs. 29,515 per 10 gm from overnight closing level of Rs. 29,410.

Pure gold of 99.9 per cent purity also hardened by a similar margin of Rs. 105 to end at Rs. 29,655 per 10 gm from Rs. 29,550.

Silver ready (.999 fineness) strengthened by Rs. 130 to finish at Rs. 55,515 per kg from closing level of Rs. 55,385.

On the global front, gold rallied to near a two-week high in European trade on a combination of bargain hunting and safe-haven demand amid fresh concerns about the euro zone crisis following disappointing data on factory output.

Spot gold was bid higher at $1,595.84 per troy ounce in early trade and spot silver was bid up at $29.14 per troy ounce.

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