Gold price extends gains on rising demand, silver drops

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Gold price firmed up further at the domestic bullion market due to consistent buying by stockists. Reuters Gold price firmed up further at the domestic bullion market due to consistent buying by stockists. Reuters
SummaryGold price firmed up further at the domestic bullion market today due to consistent buying by stockists as well as retailers.

Gold price firmed up further at the domestic bullion market today due to consistent buying by stockists as well as retailers ahead of peak wedding season amid supportive global sentiment.

On the other hand, silver fell back owing to reduced speculative offtake.

Standard gold (99.5 purity) rose by Rs 90 to conclude at Rs 30,735 per 10 grams from Wednesday's closing level of Rs 30,645.

Gold graphs November 7

Pure gold (99.9 purity) also advanced by a similar margin to close at Rs 30,885 per 10 grams, as compared to Rs 30,795.

Silver ready (.999 fineness), however declined by Rs 200 to finish at Rs 49,800 per kilo over its previous close of Rs 50,000.

Globally, the shiny metal rebounded from a three-week low on short-covering rally backed by dollar weakness.

Gold December contract moved up to settled at USD 1,317.80 an ounce on the Comex division of the NYMEX late yesterday. Silver December delivery also edged higher to USD 21.77 an ounce.

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