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Gold strengthens on firm buying, global cues

Gold strengthens on firm buying, global cues

Silver also surged owing to increased demand from industrial users.

Photo: Reuters Photo: Reuters

Gold prices rose further at the domestic bullion market here on Saturday on sustained offtake from jewellery stockist and retailers amid firm overseas trend.

Silver also surged owing to increased demand from industrial users.

Standard gold (99.5 purity) gained Rs 40 to close at Rs 26,190 per 10 grams from Friday's closing level of Rs 26,150.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 26,340 per 10 grams from Rs 26,300.

Silver (.999 fineness) jumped by Rs 155 to finish at Rs 36,350 per kg compared to Rs 36,195 on Friday.

On the global front, gold prices were higher at the London spot market on Friday, as dollar softened somewhat following worse-than-expected jobs data out of the US.

The US markets remained closed on Friday for Independence Day.

Spot gold was up at $1,167.60 a troy ounce in early European trade and silver up by $15.695 an ounce.