Gold edges higher on sustained demand; Fed outcome weighs

Press Trust of India Posted online: Thursday, Jun 19, 2014 at 0000 hrs
Mumbai : Gold prices moved up further at the domestic bullion market today due to continued buying from retail consumers as well as good investment offtake amid better overseas sentiment.

Silver also advanced due to higher industrial demand.

Standard gold (99.5 purity) gained Rs 35 to end at Rs 27,570 per 10 grams from Wednesday's Rs 27,535.

Pure gold (99.9 purity) also added same margin to finish at Rs 27,720 per 10 grams from Rs 27,685.

Silver (.999 fineness) was up by Rs 70 to conclude at Rs 43,365 per kg as compared to Rs 43,295 yesterday.

On the global front, the yellow-metal gained further momentum as investor sentiment got a boost from Fed's decision to keep interest rates low for a considerable time as well as a weak dollar.

Spot gold moved firmly higher at USD 1,279.80 an ounce in early European trade.