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Rediff News  All News  » Business » Gold advances on good retail buying, reclaims Rs 30K mark

Gold advances on good retail buying, reclaims Rs 30K mark

May 05, 2014 19:19 IST

Gold prices firmed up further and reclaimed the key psychological Rs 30,000 per 10 grams mark at the domestic bullion market on continued retail buying support amid buoyant overseas sentiment.

Silver also gained owing to stray industrial demand. Standard gold (99.5 purity) rose by Rs 50 to finish at Rs 30,010 per 10 grams from weekend closing level of Rs 29,960.

Pure gold (99.9 purity) edged up by Rs 55 to conclude at Rs 30,160 per 10 grams as against Rs 30,105.

Silver (.999 fineness) added Rs 5 to settle at Rs 43,445 per kg from last Saturday's level of Rs 43,440.

On the global front, the yellow metal climbed to three-week high on strong investor sentiment buoyed by escalating geopolitical turmoil as well as weak dollar valuations despite stronger than expected US jobs data.

Spot gold rallied more than one per cent at $1,312.60 an ounce in early European trade, while silver was up at $ 19.61 an ounce. 

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Tags: US