Wednesday May 7, 02:48 PM
Indian spot gold rises on festive domestic buying
MUMBAI (Thomson Financial) - India spot gold rose as citizens of the world's largest consuming country bought on the Hindu festival of Akshaya Tritiya, a day considered auspicious to buy gold and silver.
In London, gold was steady as rising inflation fears amid near-record oil prices were offset by a strengthened U.S. dollar, which dented gold's
appeal as an alternative investment.
'Prices were supported on good festive demand,' said a treasury official at India-based Corporation Bank.
Mumbai gold of 0.995 purity closed 55 rupees higher at 11,655 rupees per 10 grams, while gold of 0.999 purity closed 50 rupees higher at 11,715 rupees per 10 grams.
Silver of 0.999 purity closed 65 rupees higher at 23,020 rupees per kilogram.
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