Gold strengthens on firm buying; reclaims Rs 28,000 mark

Mumbai: Gold prices rallied further and reclaimed the Rs 28,000 per 10/gram mark in the bullion market here on Friday due to consistent demand from jewellery stockists and retail investors.

Silver also hardened owing to increased offtake by industrial users.

Standard gold (99.5 purity) climbed by Rs 150 to end at Rs 28,085 per 10 grams from Thursday's level of Rs 27,935.

Pure gold (99.9 purity) rose by Rs 145 to conclude at Rs 28,230 per 10 grams against Rs 28,085.

Silver (.999 fineness) jumped by Rs 250 to finish at Rs 45,600 per kg as against Rs 45,350 yesterday.

On the global front, the shiny metal fell on profit-taking amid investors' caution ahead of key US economic data, though ongoing geopolitical tension and concerns in West Asia are still lending short-term support to prices.

The yellow-metal surged sharply in overnight trade following the reports of Malaysian Airlines plane crash in eastern Ukraine.

Spot gold slipped marginally to trade USD 1,312.80 an ounce in the early European session.