Gold, silver advance on festive offtake, global cues

Mumbai, Oct 22: Gold and silver prices gained further at the bullion market here today on good buying by stockists and investors amid surging festive offtake, supported by fuelling global cues.

Standard gold (99.5 purity) strengthened by Rs 220 per 10 grams to close at Rs 26,670 from Friday's closing level of Rs 26,450. Pure gold (99.9 purity) hardened by Rs 225 per 10 grams to end at Rs 26,800 from Rs 26,575 previously. Silver ready (.999 fineness) jumped by Rs 750 per kg to conclude at Rs 53,650 from yesterday's close of Rs 52,900.

In New York, gold bounce backed after four-session fall on weak dollar and lower prices lured investors back to the precious metal. Gold for December delivery added USD 23.20 to USD 1,636.10 an ounce on the Comex division of the NYMEX late yesterday. Silver for December delivery rose 91 cents to USD 31.19 an ounce.

PTI