Mumbai:- Gold prices rose modestly after brief overnight fall at the domestic bullion market here today due to increased offtake from jewellery traders and stockists largely supported by buoyant overseas sentiment.
Elsewhere, silver also recouped smartly on the back of heavy industrial demand triggered by global commodity rally.
Standard gold (99.5 purity) edged up by Rs 55 to end at Rs 26,330 per 10 grams compared to Thursday’s close of Rs 26,275.
Pure gold (99.9 purity) also gained by a similar margin to finish at Rs 26,480 per 10 grams from Rs 26,425 earlier.
Silver (.999 fineness) jumped by Rs 350 to conclude at Rs 37,430 per kg as against Rs 37,080 previously.
Globally, the shiny metal shot-up to more than two week high on heavy investors buying on expectations that the Federal Reserve will keep interest rates at a record low for long period after FOMC minutes reiterate its stance that the upcoming rate hike will be data driven amid low inflation concerns.
Resurfacing of geo-political worries in the wake of Russia’s military actions in Syria and also gushing crude oil prices, providing much needed uplift.
Spot galloped to USD 1,153.20 an ounce in early European trade and silver was quoted higher at USD 15.89 an ounce.