Gold advances on good buying support; silver taps Rs 37k mark

By: |
Mumbai | December 04, 2014 6:24 AM

Gold prices moved up further at the domestic bullion market due to sustained demand from jewellery retailers...

Gold prices moved up further at the domestic bullion market due to sustained demand from jewellery retailers and investors amidst firm overseas cues.

Elsewhere, silver also maintained its strong momentum and reclaimed the Rs 37,000-mark on higher industrial demand.

Standard gold (99.5 purity) edged up by Rs 20 to end at Rs 26,355 per 10 grams compared to Tuesday’s closing level of Rs 26,335.

Pure gold (99.9 purity) also gained by a similar margin to settle at Rs 26,505 per 10 grams from Rs 26,485.

Silver (.999 fineness) strengthened by Rs 40 to finish at Rs 37,105 per kg, as against Rs 36,965 on Tuesday.

On the global front, the yellow-metal traded above the significant USD 1,200 level on expectations of fresh easing measures by the European Central Bank despite stronger greenback and Fed rate hike bets ahead of key US data later.

Spot gold was bid higher at USD 1,200.85 an ounce in early European trade.

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