Gold prices rise on fresh demand, global cues

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Mumbai: Gold prices recovered by Rs100 per 10 grams at the domestic bullion market in Mumbai Thursday on fresh demand from jewellery stockists amid positive global cues.

Silver too attracted increased buying support for the fourth day from industrial units and coin makers. Standard gold (99.5 purity) moved up by Rs100 to close at Rs29,795 per 10 grams from Wednesday’s closing level of Rs29,695.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs29,945 per 10 grams as against Rs29,845 previously. Silver (.999 fineness) climbed by Rs90 per kg to close at Rs39,940 as compared to Rs39,850 Wednesday.

Globally, gold rose to its highest level in two weeks on a softer dollar, with US inflation figures due on Friday expected to provide more clues on monetary policy. Spot gold was up 0.2% at $1,294.72 an ounce at early trade, after hitting $1,297.40. Silver rose 0.3% to $17.21 an ounce after touching a three-week high.

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