Gold price maintains bullish momentum on rising demand

Written by PTI | Mumbai | Updated: Apr 24 2014, 00:38am hrs
Gold prices continued to surge here today due to consistent buying by jewellery stockists and retailers supported by good seasonal offtake.

Silver rallied further owing to heavy speculative buying coupled with industrial buying.

Standard gold (99.5 purity) rose by Rs 228 to Rs 29,858 per 10 grams at 1700 hrs from Tuesday's Rs 29,630.

Pure gold (99.9 purity) also climbed by Rs 220 to Rs 30,005 per 10 grams from Rs 29,785 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) spurted by Rs 275 to Rs 43,765 per kg at 1700 hrs from Rs 43,490 yesterday.

Globally the shiny metal was trading almost flat amid investor caution after falling to a two-month low overnight ahead of key US macro data.

Spot gold was steady at USD 1,283.50 an ounce in early European trade.