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Gold prices jump by Rs355 to Rs28,420 on increased demand, global cues

LiveMint logoLiveMint 16-03-2017 PTI

Mumbai: Snapping a six-session fall, gold prices rebounded at the domestic bullion market in Mumbai on Thursday on fresh buying by jewellery stockists and retailers amid firm overseas cues.

Elsewhere, silver also regained its lost ground to close above the key Rs41,000 mark due to robust industrial demand.

Standard gold (99.5% purity) shot up by Rs355 to finish at Rs28,420 per 10 grams from Wednesday’s closing level of Rs28,065. Pure gold (99.9% purity) also jumped by a similar margin to conclude at Rs28,570 per 10 grams against Rs28,215 earlier.

Silver (.999 fineness) spurted by Rs900 to finish at Rs41,540 from Rs30,640 on Wednesday.

Also Read: Gold prices soar Rs450 on global cues

Globally, gold climbed to the strongest level in over a week after the US central bank signalled only gradual rate tightening, although the election defeat of a Dutch far-right candidate dampened safe haven buying.

Spot gold had risen 0.6% to $1,225.40 per ounce in early trade after touching $1,228.82, the highest since 6 March, earlier in the session.

Spot silver climbed 0.8% to $17.44 per ounce, after hitting its highest in a week at $17.51 earlier in the session.

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