Gold firms up on global cues, silver slips
Gold firmed up further by Rs 160 per 10 grams at the bullion market here today following persistent demand from stockists and retailers on the back of bullish global cues.
Mumbai: Gold firmed up further by Rs 160 per 10 grams at the bullion market here today following persistent demand from stockists and retailers on the back of bullish global cues.
Traders said sentiment remained better after gold prices rose to a one-month high in the global markets on a softer dollar as investors rushed to safety after US President Donald Trump took a step towards long-promised anti-China tariffs, stoking fears of a global trade war.
While, silver slipped modestly by Rs 15 per kg due to subdued offtake from industrial units.
Standard gold (99.5 purity) rose by Rs 160 to close at Rs 30,685 per 10 grams from Thursday's level of Rs 30,525.
Pure gold (99.9 purity) also moved up by the similar amount to close at Rs 30,835 per 10 grams against Rs 30,675 earlier.
However, silver (.999 fineness) eased by Rs 15 per kg to conclude at Rs 38,465 compared to Rs 38,480 yesterday.
Globally, gold prices surged to a one-month high in early trade today as the threat of a global trade war sent investors scrambling for safe assets.
Spot gold was up at USD 1,340.66 an ounce in early European trade, having hit its highest since February 20 at USD 1,343.06. Among other precious metals, silver was up 0.9 per cent at USD 16.51 an ounce.