Gold recaptures Rs26,000 mark; silver hits 1-1/2 months high

Mumbai-India (Mar 21)  Gold prices regained the psychologically significant Rs26,000-mark and closed at its highest level in nearly two weeks on the bullion market in Mumbai due to good demand from jewellery stockists and retailers driven by highly bullish overseas sentiment.

Moving in line with the trend, silver also surged way ahead to finish at 1-1/2 month high following heavy industrial buying.

Standard gold (99.5%) strengthened by Rs175 to conclude at Rs26,100 per 10 grams from overnight level of Rs25,925. Pure gold (99.9%) also climbed by a similar margin to end at Rs 26,250 per 10 grams compared to Rs25,925.

Silver (.999 fineness) shotup by a whopping Rs1,005 to finish at Rs37,885 per kg against Friday’s level of Rs36,880.

In worldwide trade, the shiny-metal maintained its strong rallying momentum on the back hectic shortcovering as well as investment demand buoyed by Fed policy statement amid weak dollar. Gold for April delivery jumped $15.60 to settle at $1,184.60 an ounce on the Comex division of the NYMEX late Friday, while silver May delivery rose to end at $16.883 an ounce.

Source: LiveMint