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Gold rally continues on renewed buoyancy; hits near 1-month high

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Mumbai :The rising trend in gold remained unabated for the sixth straight day at the domestic bullion market here following consistent buying by jewellery stockists and retailers ahead of peak festive season.

Elsewhere, silver also firmed up further in view of surging demand from industrial users.

Standard gold (99.5 purity) rose by Rs 125 to conclude at Rs 25,725 per 10 grams from Wednesday’s closing level of Rs 25,600.

Pure gold (99.9 purity) also went up by a similar margin to settle at Rs 25,875 per 10 grams against Rs 25,750 previously.

Silver (.999 fineness) climbed by Rs 195 to end at Rs 36,435 per kg from yesterday’s close of Rs 36,240.

Meanwhile, global demand for gold tumbled to a six-year low during the second quarter mainly due to reduced requirement from consumers in India and China – the world’s largest buyers, according to the World Gold Council report.

On the global front, the shiny-metal retreated from three-week high on the back of strong rebound in global equities amid fading concerns over a full blown currency war sparked by the devaluation of the yuan in China.

Spot gold was substantially higher at USD 1,117.40 an ounce in early European trade.

PTI