Gold prices extend gains for seventh day

Mumbai-India (Jan 11)  Gold continued its upward journey for the seventh day rising by another Rs150 per 10 gram at the bullion market in Mumbai on Wednesday on sustained investors offtake and increased jewellery demand amid wedding season.

Silver also shot up by Rs475 per kg and reclaimed the Rs41,000-mark on persistent buying by industrial users. Standard gold (99.5 purity) climbed up by Rs150 to settle at Rs28,710 per 10 grams from Tuesday’s closing level of Rs28,560.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs28,860 per 10 grams against Rs28,710 earlier. Silver (.999 fineness) strengthened by Rs475 per kg to conclude at Rs41,385 compared with Rs40,910 on Tuesday.

Globally, gold hit six-week highs as investors worrying about political uncertainty bought the precious metal, but dollar strength due to higher US rates is expected to cap gains. Spot gold was down 0.1% at 1186.45 an ounce at early trade from an earlier peak at $1,191.32.

Elsewhere silver was down 0.2% at $16.76 an ounce from Tuesday’s four-week high at $16.90.

Source: LiveMint