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Gold rules firm for 4th day, silver extends fall

Mumbai, Nov 10 (PTI) Gold prices continued to rule firm at the bullion market here today due to strong demand from stockists and retailers.

However, silver remained under selling pressure for the second day and shed Rs 30 per kg due to reduced offtake by industrial units.

Standard gold (99.5 purity) climbed by Rs 40 to end at Rs 29,520 per 10 grams from Thursday's level of Rs 29,480.

Pure gold (99.9 purity) also rose by the same amount to finish at Rs 29,670 per 10 grams from Rs 29,630.

However, silver (.999 fineness) dipped by Rs 30 per kg to conclude at Rs 39,545 as against Rs 39,575.

Globally, gold prices were on track for their first weekly rise in a month after uncertainty over US tax reform pushed stock markets lower and weakened the dollar, making bullion cheaper for holders of other currencies.

Spot gold was flat at USD 1,284.37 an ounce at early trade but up 1.2 per cent this week after touching USD 1,288.34 on Thursday, the highest since October 20.

In other precious metals, silver was flat at USD 16.99 an ounce but was on track for a 1.1 per cent gain this week, its first weekly rise in four weeks. PTI RD ABM

Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.

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