Gold advances in cautious trade; silver remains high

By: | Updated: February 26, 2015 8:59 PM

Gold continued its rising streak for the third straight day in listless trade at the domestic bullion market here on the back of modest seasonal buying support.

Gold prices decline, gold price drop, price of gold, gold price today, gold price in indiaPure gold (99.9 purity) also rose by a similar margin to end at Rs 26,760 per 10 grams from Rs 26,745 previously. (PTI)

Gold continued its rising streak for the third straight day in listless trade at the domestic bullion market here on the back of modest seasonal buying support.

Elsewhere, silver surged way ahead following heavy demand from speculative traders and industrial units.

Strong rupee sentiment and expectations of reduction in customs duty on the yellow metal in forthcoming Budget mainly kept buyers away from new deals, a bullion trader said.

Prices of standard gold (99.5 purity) gained Rs 15 to settle at Rs 26,610 per 10 grams as compared to Wednesday’s closing level of Rs 26,595.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 26,760 per 10 grams from Rs 26,745 previously.

Silver (.999 fineness) galloped by a staggering Rs 325 to conclude at Rs 37,940 per kg as against Rs 37,615 yesterday.

In worldwide trade, the shiny metal rebounded sharply to trade above the key psychological USD 1,200 an ounce mark, buoyed by fading interest rate cut speculation as well as robust pick-up in demand from Chinese buyers after the Lunar New Year break.

Spot gold rallied to USD 1,217.55 in early European trade, while silver was quoted substantially higher at USD 16.79.

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