Mumbai:- Gold prices strengthened further and reclaimed the Rs 29,000-mark at the domestic bullion market here today following firm demand from stockists amid positive global cues.
Elsewhere, silver followed suit and soared by Rs 880 per kg owing to heavy speculative demand on the back of strong industrial buying support.
Standard gold (99.5 purity) climbed by Rs 175 to end at Rs 29,155 per 10 grams from Monday’s level of Rs 28,980.
Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 29,305 per 10 grams from Rs 29,130.
Silver (.999 fineness) shot-up by Rs 880 per kg to finish at Rs 38,220 compared to Rs 37,340 previously.
Globally, gold rose to three-week highs as the dollar sank back to a near eight-month low, weighed down by expectations that the Federal Reserve will keep US interest rates lower for longer.
Spot gold was up 0.2 percent at USD 1,259.40 an ounce at early trade, having earlier touched a high of USD 1,262.60 an ounce. US gold futures for June delivery were up USD 3.10 an ounce at USD 1,261.10.
Silver also broke above USD 16 an ounce for the first time in nearly a month, peaking at USD 16.06 before edging back to USD 16.03, up 0.8 per cent.
PTI
