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Good seasonal demand adds shine to gold; silver also up

GOLD

Mumbai :Gold continued its strong rallying momentum for the third session at the domestic bullion market here due to consistent buying support from jewellers and retail consumers to meet rising seasonal demand.

Elsewhere, silver also firmed up owing to higher industrial demand.

Standard gold (99.5 purity) strengthened by Rs 70 to end at Rs 26,800 per 10 grams from overnight closing level of Rs 26,730.

Pure gold (99.9 purity) also added by a similar margin to settle at Rs 26,950 per 10 grams as compared to Rs 26,880.

Silver (.999 fineness) rose by Rs 100 per kg to finish at Rs 35,485 from Rs 35,385 earlier.

In worldwide trade, yellow-metal retreated from its 12-week high after the Federal Reserve left interest rates unchanged, as expected and also less dovish US central bank policy statement than some investors had expected.

Spot gold was trading substantially weak at USD 1,118 an ounce in early European session, while silver quoted lower at USD 14.31 an ounce.

PTI

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