Gold rises Rs 50, silver climbs Rs 500

New Delhi: Gold prices advanced to yet another record high -- for the third straight day on Friday -- rising Rs50 in the national capital on the back of continued buying by jewellers. Continuing a firm momentum for the third straight session, gold prices rose Rs50 to hit a fresh high of Rs78,300 per 10 grams, according to the All India Sarafa Association. On Thursday, the precious metal had finished at Rs78,250 per 10 grams. Silver also jumped Rs500 to Rs94,500 per kg on fresh offtake by industrial units and coin makers. The metal had closed at Rs94,000 per kg in the previous trade. In the international markets,

Comex gold is trading 0.29 per cent lower at $2,687.20 per ounce. In the Asian trading hours, silver also quoted 0.36 per cent lower at $32.23 per ounce globally. Traders said increased buying by local jewellers to meet festive and wedding season demand and a firm trend in the overseas markets mainly lifted gold prices to this year’s highest level. Further, the US Federal Reserve’s optimism that they will maintain an aggressive pace of interest rate cuts this year also boosted the bullion prices, they added.

Meanwhile, in the futures trade on the Multi Commodity Exchange (MCX), gold contracts for October delivery, declined Rs181, or 0.24 per cent, to Rs75,206 per 10 grams. Silver contracts for December delivery fell Rs142, or 0.15 per cent, to trade at Rs92,522 per kilogram on the bourses.