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Gold crosses 29k mark Hits 3-week high in global markets
Gold prices strengthened further and reclaimed the `29,000-mark at the domestic bullion market here on Tuesday following firm demand from stockists amid positive global cues.
Mumbai: Gold prices strengthened further and reclaimed the `29,000-mark at the domestic bullion market here on Tuesday following firm demand from stockists amid positive global cues.
Elsewhere, silver followed suit and soared by `880 per kg owing to heavy speculative demand on the back of strong industrial buying support. Standard gold (99.5 purity) climbed by `175 to end at `29,155 per 10 grams from Monday's level of `28,980. Pure gold (99.9 purity) also rose by a similar margin to conclude at `29,305 per 10 grams from `29,130.
Silver (.999 fineness) shot-up by Rs 880 per kg to finish at `38,220 compared to `37,340 previously. Globally, gold rose to three-week highs as the dollar sank back to a near eight-month low, weighed down by expectations that the Federal Reserve will keep US interest rates lower for longer.
Spot gold was up 0.2 per cent at $1,259.40 an ounce at early trade, having earlier touched a high of $1,262.60 an ounce. US gold futures for June delivery were up $3.10 an ounce at $1,261.10. Silver also broke above $16 an ounce for the first time in nearly a month, peaking at $16.06 before edging back to $16.03, up 0.8 per cent.
