Gold price advances on seasonal offtake, silver drops in Mumbai

By: |
Mumbai | Published: November 24, 2014 7:26:18 PM

Gold prices today edged up further at the domestic bullion market due to increased buying...

Gold prices today edged up further at the domestic bullion market due to increased buying by stockists and retailers in view of ongoing wedding season.

On the other hand, silver dropped on the back of reduced demand from consuming industries.

Standard gold (99.5 purity) moved up by Rs 20 to close at Rs 26,425 per 10 grams from last Saturday’s closing level of Rs 26,405.

Pure gold (99.9 purity) also gained by Rs 15 to settle at Rs 26,570 per 10 grams compared to Rs 26,555.

Silver (.999 fineness), however, slumped by Rs 130 to end at Rs 37,030 per kg against weekend finish of Rs 37,160.

On the global front, gold was trading its three-week high on safe-haven demand following a surprise rate cut by the China’s central bank for the first time in more than two years.

Spot gold was little changed at USD 1,195.00 an ounce in the early European trade.

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