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Gold, silver gain on seasonal uptick, heavy demand

Mumbai, PTI | Updated : 14 February 2015, 04:11 PM

Gold prices gained marginally, halting a four-session downtrend, at the domestic bullion market here on renewed buying interest from jewellery stockists amid wedding season offtake.

Silver also rebounded sharply and closed above the key Rs 39,000-mark, its highest level in one-week following heavy speculative demand.

Standard gold (99.5 purity) rose by Rs 60 to conclude at Rs 27,135 per 10 grams from Friday’s closing level of Rs 27,075.

Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 27,285 per 10 grams as against Rs 27,225.

Silver (.999 fineness) shot up by a hefty Rs 705 to finish at Rs 39,120 per kg as compared to Rs 38,415 yesterday.

On the global front, the yellow metal settled higher for the second consecutive day, aided by weak dollar as well as lower-than-expected US retail sales data.

Gold for April delivery rose to end at USD 1,227.10 an ounce on the Comex division of the NYMEX late yesterday, while silver March contract jumped nearly three per cent to settle at USD 17.29 an ounce.

First Published: Saturday, February 14, 2015 04:10 PM
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