Gold price extend gains on global cues in Mumbai

MUMBAI: Gold prices rose further at the domestic bullion market in Mumbai on Wednesday on sustained demand from stockists and investors driven by higher global cues.
Silver also advanced by Rs40 per kg on pick up in demand from industrial units. Standard gold (99.5 per cent purity) climbed by Rs55 to close at Rs29,385 per 10 grams from Tuesday’s level of Rs29,330.
Pure gold (99.9% purity) also moved up by the same amount to Rs29,535 per 10 grams as against Rs29,480 previously.
Silver (.999 fineness) rose by Rs40 to finish at Rs39,580 per kg as compared to Rs39,540 earlier. Globally, gold prices nudged higher, as the dollar slipped following a media report that suggested a delay in the implementation of a major corporate tax cut under a crucial US tax reforms plan.
Spot gold was up 0.2% at $1,278.43 per ounce at early trade. In other precious metals, silver rose 0.4% to $17.02 an ounce.