Gold continued its upward trend for the third straight day by rising Rs 260 to Rs 29,550 per 10 grams in the bullion market today amid positive global cues and increased buying by jewellers and stockists. Elsewhere, silver maintained its strong rising trend and reclaimed the key Rs 41,000 mark, the highest level in more than one-and-half years on heavy industrial demand.
Standard gold (99.5 purity) rose by Rs 260 to finish at Rs 29,550 per 10 grams from Wednesday’s closing value of Rs 29,290. Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 29,700 per 10 grams as compared to Rs 29,440 earlier.
Silver (.999 fineness) shop up by Rs 845 per kg to conclude at Rs 41,135 as against Rs 40,290 earlier. The level has not been seen since September 19, 2014. In worldwide trade, silver hit an 11-month high, boosted by perceptions the metal had become undervalued versus gold, coupled with technical momentum, while gold rallied more than 1 per cent.
Spot silver was up 2.9 per cent in early trade at USD 17.41 an ounce, having earlier touched its highest since May 2015 at USD 17.60. Gold was up 1.3 per cent to USD 1,259.16 an ounce, while US gold futures for April delivery were up USD 6.80 an ounce at USD 1,261.20.