Gold extends rally, silver firms up

Mumbai: Gold rallied for the fifth straight session, surging further by Rs 170 per 10 grams at the bullion market here today following sustained demand from stockists and retailers amid bullish global cues.

Silver also continued to rise by gaining Rs 620 per kg on persistent offtake from industrial units.

Standard gold (99.5 per cent purity) climbed by Rs 170 to end at Rs 30,445 per 10 grams from Wednesday’s closing level of Rs 30,275.

Pure gold (99.9 per cent purity) also moved up by a similar amount to close at Rs 30,595 per 10 grams compared to Rs 30,425 yesterday.

Silver (.999 fineness) rose by Rs 620 to conclude at Rs 39,765 per kg as against Rs 39,145 previously.

Globally, gold prices climbed to their highest since August 2016 as a weakening dollar helped it to extend gains of more than 10 per cent since mid-December.

Spot gold was up 0.1 per cent at USD 1,358.80 an ounce at early trade.

In other precious metals, silver was down 0.1 per cent at USD 17.56 an ounce.