Gold price rises on good offtake, silver reclaims Rs 47k level

By: |
Mumbai | July 11, 2016 7:33 PM

Gold prices moved up at the domestic bullion market here on good investors offtake as well as local buying interest amid bullish global cues.

Spot gold was down 0.6 percent at $1,358.50 an ounce in early European trade, having touched its highest since March 2014 last week at $1,374.91 an ounce. U.S. gold futures for August delivery were down $1.30 an ounce at $1,359.70. (Reuters)Spot gold was down 0.6 percent at $1,358.50 an ounce in early European trade, having touched its highest since March 2014 last week at $1,374.91 an ounce. U.S. gold futures for August delivery were down $1.30 an ounce at $1,359.70. (Reuters)

Gold prices moved up at the domestic bullion market here on good investors offtake as well as local buying interest amid bullish global cues.

Elsewhere, silver also zoomed to reclaim the key Rs 47,000 mark, due to heavy speculative offtake coupled with firm industrial demand.

Standard gold (99.5 purity) moved-up by Rs 15 to end at Rs 31,220 per 10 grams from its previous level of Rs 31,205.

Pure gold (99.9 purity) also rose by a similar margin to close at Rs 31,370 per 10 grams against Rs 31,355 earlier.

Silver (.999 fineness) zoomed up by Rs 1,230 to end at Rs 47,745 per kg as against Rs 46,515 previously.

Globally, gold fell as strong U.S. jobs data and the prospect of more monetary stimulus from some central banks boosted stock markets, while the dollar pushed higher against the euro.

Spot gold was down 0.6 percent at $1,358.50 an ounce in early European trade, having touched its highest since March 2014 last week at $1,374.91 an ounce. U.S. gold futures for August delivery were down $1.30 an ounce at $1,359.70.

Silver was up 0.1 percent at $20.26 an ounce.

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