Gold firms up on increased demand, overseas cues

Apr 26 2014, 16:39 IST
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Precious gold strengthened further at the domestic bullion market today on continued buying from stockists and jewellery retailers influenced by better global sentiment Precious gold strengthened further at the domestic bullion market today on continued buying from stockists and jewellery retailers influenced by better global sentiment
SummaryGold demand is witnessing a steady uptrend following restocking ahead of the Akshaya Tritiya festival

Precious gold strengthened further at the domestic bullion market today on continued buying from stockists and jewellery retailers influenced by better global sentiment.

On the other hand, silver fell back modestly after its recent sharp upsurge due to profit-taking by speculators amid subdued industrial off-take.

Gold demand is witnessing a steady uptrend following restocking ahead of the Akshaya Tritiya festival next week amid steady retail demand in view of ongoing wedding season, a bullion trader commented.

Standard gold (99.5 purity) rose by Rs 90 to conclude at Rs 30,155 per 10 grams from overnight closing level of Rs 30,065.

Pure gold (99.9 purity) also gained a similar margin to finish at Rs 30,305 per 10 grams from previous level of Rs 30,215.

Silver (.999 fineness), however, declined by Rs 100 to end at Rs 43,805 per kg as compared to Rs 43,905 yesterday.

Globally, the shiny metal rebounded sharply from its multi-month lows to settle above the psychological USD 1,300 an ounce mark on safe haven demand on the back of worsening geopolitical tensions amid weaker equities.

Gold for June delivery spurted by USD 10.20 to close at USD 1,300.80 an ounce on the Comex division of the NYMEX late yesterday, while silver May contract was little changed at USD 19.69.

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