Gold advances on firm buying, silver also edges up

Gold prices continued to rally at the bullion market here today due to increased retail buying interest coupled with jewellery demand in view of ongoing marriage season.

Silver also regained some lost ground and rose modestly on renewed industrial off-take.

Standard gold of 99.5 per cent purity firmed up by Rs 40 per 10 gm to finish at Rs 30,485 from overnight closing level of Rs 30,445.

Pure gold of 99.9 per cent purity gained Rs 45 per 10 gm to end at Rs 30,625 from Rs 30,580.

Silver ready (.999 fineness) added Rs 65 to close at Rs 58,850 per kg from Rs 58,785 yesterday.

Meanwhile, gold slumped further in New York trade on the back of strengthening dollar valuation supported by improving US economic data.

Gold for April delivery fell by USD 4.40 to settle at USD 1,666.90 an ounce on the Comex division of the NYMEX. Silver March contract concluded marginally higher at USD 31.44 an ounce.

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