Gold prices rise for third straight session as demand grows on global cues

Mumbai-India (Jan 5)  Gold prices rose for the third straight session at the domestic bullion market in Mumbai on Thursday on sustained wave of buying interest from stockists and retailers as well as bullish overseas sentiment. Elsewhere, silver continued its rallying momentum on the back of heavy speculative demand coupled with strong industrial buying support.

Standard gold (99.5 purity) climbed by Rs105 to end at Rs28,200 per 10 grams as compared to Wednesday’s closing level of Rs28,095. Pure gold (99.9 purity) also rose by a similar margin to finish at Rs28,350 per 10 grams as against Rs28,245 on Wednesday.

Silver (.999 fineness) advanced by Rs280 to close at Rs40,700 as compared to Rs40,420 previously. Globally, gold touched its highest in four weeks as the US dollar stepped further away from a 14-year peak hit earlier this week, and on a technical rebound. Spot gold was up 1.3% at $1,178.36 an ounce in early trade.

It touched a high of $1,178.62, its best since 7 December. US gold futures climbed 1.2% to $1,178.50 per ounce. Spot silver was up 1.5% at $16.66. It earlier hit a 3-week high of $16.70.

Source: LiveMint