Gold continues to strengthen, silver declines

Mumbai: Gold continued its gaining momentum at the bullion market here today on firm jewellery demand due to ongoing marriage season amidst rising global market. While, silver declined on slight speculative profit taking on the back of reduced industrial demand. Standard gold of 99.5 per cent purity rose Rs 45 to close at Rs 28,810 per 10 grams from Monday`s close of Rs 28,765.

Pure gold of 99.9 per cent purity also went up by Rs 40 to finish at Rs 28,940 per 10 grams as against Rs 28,900 yesterday. However, silver ready (.999 fineness) eased by Rs 190 to conclude at Rs 56,015 per kg from Rs 56,205 previously.

In New York, gold rose on weak dollar following bullish equity markets amidst optimism about Europe`s debt crisis. Gold for December delivery spurted USD 25.10 to USD 1,710.80 an ounce on the Comex division of the NYMEX late yesterday. December silver were up USD 1.15 to USD 32.16 an ounce.