Gold prices strengthens on continued buying; silver rebounds

June 3, 2014

Mumbai-India (June 3)  Gold prices strengthened further here today due to sustained off-take from stockists and retail consumers, amid supportive global sentiment.

Snapping its two-day plunge, silver also rebounded sharply to reclaim the Rs 43,000 per kg mark on the back of heavy speculative buying as well as jewellery demand.

Standard gold (99.5 purity) jumped by Rs 189 to quote at Rs 29,525 per 10 grams at 1700 hrs from Wednesday's level of Rs 29,336, a bullion trader said.

Pure gold (99.9 purity) also spiked by a similar margin to Rs 29,675 per 10 grams from Rs 29,486 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) shot up by Rs 726 to Rs 43,502 per kg at 1700 hrs as against Rs 42,776 yesterday.

On the global front, the yellow-metal gained to settle above the psychological USD 1,300 an ounce mark on bargain buying in the midst of heightened geopolitical tensions.

Gold for June delivery up by USD 3.20 to settle at USD 1,303.50 an ounce on the Comex division of the NYMEX late yesterday, while silver May contract rose to end at USD 19.63 an ounce.

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