Gold extends rising trend to reclaim Rs 28,000 mark; silver falls

August 3, 2014

Mumbai-India (Aug 3)  Standard gold hardened by Rs 115 to end at Rs 28,010 per 10 grams.

Gold prices maintained its rising momentum and reclaimed the Rs 28,000 per 10/grams mark at the bullion market on consistent demand from jewellery traders and stockists. Silver, on the other hand, slumped further due to heavy speculative unwinding and poor industrial buying support.

Standard gold (99.5 purity) hardened by Rs 115 to end at Rs 28,010 per 10 grams against Friday's level of Rs 27,895. Pure gold (99.9 purity) also rose by Rs 110 to conclude at Rs 28,155 per 10 grams from Rs 28,045. Silver (.999 fineness), however, dropped sharply by Rs 235 to finish at Rs 44,900 as compared to Rs 45,135 on August 1.

On the global front, the shiny metal rebounded smartly from its six-week low on back of weak dollar as well as lower-than-expected jobs data, which eased fears of early interest rate hike by the Federal Reserve. Gold for August delivery climbed more than one-per cent to settle at USD 1,293.60 an ounce on the Comex division of the NYMEX late on August 1, while silver September delivery eased to USD 20.37 an ounce.

Source: AsianAge

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