Gold climbs on positive global cues

Mumbai: Gold prices surged further by Rs 95 per ten grams at the bullion market here today on positive global cues amid jewellers' buying.

Silver also extended its gains for the second day by gaining Rs 320 per kg on hectic demand from industrial units and coin makers.

Standard gold (99.5 purity) climbed Rs 95 to close at Rs 28,790 per 10 grams from Thursday's closing level of Rs 28,695.

Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 28,940 per 10 grams from Rs 28,845.

Silver (.999 fineness) spurted by Rs 320 to end at Rs 38,960 per kg as against Rs 38,640 yesterday.

Globally, gold prices climbed to one-week highs, boosted by a lower dollar and economic and political uncertainty around the world, but the prospect of further interest rate rises in the United States, limited gains.

Spot gold was up 0.6 per cent at USD 1,257.1 an ounce in early trade after earlier touching USD 1,258.00, its highest since June 14.

Elsewhere, silver gained 1.4 percent to USD 16.75 an ounce.