Gold prices rise for third straight day on firm global cues

Mumbai-India (Feb 8)  Gold prices edged higher for the third straight day at the bullion market in Mumbai on Wednesday on good offtake by investors and jewellers amid positive global cues.

Silver also extended the gain and added Rs205 to Rs42,745 per kg following speculative buying from industrial units.

Standard gold rose by Rs95 to finish at Rs29,420 per 10 grams from Tuesday’s closing level of Rs29,325. Pure gold also rose by a similar margin to end at Rs29,570 per 10 grams as compared to Rs29,475 earlier. Silver climbed by Rs205 per kg to finish at Rs42,745 from Rs 42,540 on Tuesday.

Globally, gold held near three-month highs, buoyed as political and economic uncertainty in the US and Europe stoked safe-haven demand. Spot gold was largely flat at $1,233.06 per ounce in early trade.

On Tuesday, the metal touched its highest since 11 November at $1,235.78. Spot silver was mostly flat at $17.68, after marking its highest since 11 November at $17.79 in the previous session.

Source: LiveMint