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Gold prices jump Rs 385 on sustained demand

LiveMint logoLiveMint 12-04-2017 PTI

Mumbai: Gold prices firmed up further at the domestic bullion market on Wednesday due to sustained demand from jewellers and traders.

Silver followed suit, reclaiming the Rs 42,000-level by sharply rising Rs 925 per kg following consistent offtake from industrial units.

Standard gold (99.5 purity) zoomed by Rs 385 to end at Rs 29,145 per 10 grams from Tuesday’s level of Rs 28,760. Pure gold (99.9 purity) also moved up by a similar margin to finish at Rs 29,295 per 10 grams compared to Rs 28,910 earlier.

Silver (.999 fineness) jumped by Rs 925 per kg to conclude at Rs 42,840 as against Rs 41,915 previously.

Globally, gold steadied after hitting a five-month peak as a respite in disquieting political news took the edge off investors’ appetite for safe havens even as the mood remained edgy.

Also Read: Global gold prices hit 5-month peak, geopolitical tensions drive flight to safety

Spot gold was mostly unchanged at $1,273.51 per ounce at early trade. It hit its strongest since 10 November at $1,279.80, extending the previous session’s near 2% gains. Spot silver dipped 0.1% to $18.30 an ounce.

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