Thu, Jul 10 08:53 PM
Mumbai, July 10(PTI) Gold prices bounced back on the bullion market here today on renewed stockists buying on the back of soaring prices in global market. Silver prices firmed up further on persistent demand from industrial users.
Marketmen said buying activity picked up after reports of dollar falling against euro and rise in crude oil, boosting demand for the gold as safe investment. Some of the investors might have shifted their funds in gold from equity markets also boosted the market sentiment.
Standard gold (99.5 purity) rose by Rs 115 per ten grams to Rs 12,965 from Rs 12,850 previously. Pure gold (99.9 purity) also shot up by Rs 120 per ten grams to Rs 13,030 from Rs 12,910.
Silver ready (.999 fineness) firmed up by Rs 175 per kilo to Rs 25,165 from Rs 24,990.
Gold prices in Singapore rose further as safe-haven buying persisted after Iran test-fired missiles, which escalate tension with West over Tehran's nuclear program. Gold firmed up to 929.00/930.00 an ounce from 926.90/ 9281.0 an ounce late in New York on Wednesday.
Geo-political tension lift gold's safe-haven appeal in times of uncertainty. Gold also benefits from rising energy costs due to to its role as a hedge against investment, while a struggling dollar makes bullion an attractive alternative investment.
PTI.
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