MUMBAI: Gold prices spurted by Rs 405 per ten grams to Rs 12,865 on the bullion market here on Thursday on good stockists demand coupled with higher overseas advices. Silver prices recovered on renewed industrial demand. Persistent stockists demand in view of marriage season boosted the market sentiment.
Gold prices firmed up in global market rise in oil prices and weakness of U.S. Dollar against the Euro. Gold prices extended gains in London by more than one per cent, tracking losses in the dollar, after posting its biggest percentage climb in almost t hree weeks in the previous session.
Spot gold was quoted at $822.10/824.10 an ounce up from 809.90 an ounce late in New York on Wednesday, when the precious metals climbed four per cent on rising oil prices and dollar weakness. Spot silver also rose to $10.40/10.48 an ounce from $10.21 an ounce previously. Gold prices bounced in Singapore from lows to hit a one- week high, a day after its biggest daily percentage gain in almost three weeks, as the euro firmed against the dollar and oil advanced on the prospects of output cuts. – PTI
