Gold edges up on improved demand amid overseas support
Mumbai: Gold prices gained marginally after sliding over the last two sessions at the domestic bullion market today due to renewed offtake by jewellery stockists and traders to meet seasonal demand.
Elsewhere, silver also recovered sharply to reclaim Rs 37,000 per kg-mark on heavy speculative demand coupled with firm industrial support.
Standard gold (99.5 purity) moved up by Rs 30 to end at Rs 26,405 per 10 grams as compared to overnight closing level of Rs 26,375.
Pure gold (99.9 purity) was also up by a similar margin to settle at Rs 26,555 per 10 grams as against Rs 26,525 previously.
Silver (.999 fineness) shot up by Rs 200 to conclude at Rs 37,160 per kg from Friday's close of Rs 36,960.
Globally, the shiny metal regained some lost ground and rallied on safe-haven demand after the Chinese central bank surprisingly cut its benchmark interest rates.
Gold for December delivery jumped to settle at USD 1,197.70 an ounce on the Comex division of NYMEX late yesterday and silver for December contract also finished higher at USD 16.40 an ounce.