Gold prices jump by Rs 205 on global cues

Mumbai-India (Feb 2)  Gold prices strengthened for the fourth session at the domestic bullion market on sustained demand from stockists, supported by a surge in international markets. Silver also gained due to increased offtake by industrial units.

Standard gold (99.5 purity) jumped by Rs205 to end at Rs29,215 per 10 grams against Wednesday’s closing level of Rs 29,010.

Pure gold (99.9 purity) also rallied by a similar margin to conclude at Rs 29,365 per 10 grams as against Rs29,160 previously. Silver (.999 fineness) rose Rs 240 to finish at Rs 42,680 compared with Rs 42,440 yesterday.

Globally, gold hit its highest since mid-November after the US Federal Reserve gave no clear signal on the likelihood of a March interest rate increase in its latest statement, prompting another drop in the dollar.

Spot gold rose to its highest since 17 November at $1,223.62 an ounce and was up 1.1% at $1,222.56 at early trade. Among other precious metals, silver was up 1.2% at $17.72 an ounce.

Source: LiveMint