Gold rises on good buying support, silver drops

MUMBAI: Gold prices rose further at the bullion market on sustained buying from stockists and jewellers in view of ensuing festival season amidst higher New York advices.

Meanwhile, silver dropped due to heavy offloading by stockists coupled with lower industrial offtake. Standard gold (99.5 purity) firmed up by Rs 80 per 10 grams to close at Rs 18,735 from the over-night's closing level of Rs 18,655.

Pure gold (99.9 purity) also hardened by Rs 75 per ten grams to finish at Rs 18,825 per ten grams, as against Rs 18,750 previously. However, silver ready (.999 fineness) tumbled by Rs 185 per kilo to end at Rs 29,745 from Rs 29,930 yesterday.

In New York, gold for December delivery gained by $4 to $1,235.40 an ounce on the COMEX division of NYMEX. However, silver for September delivery down by 7 cents to 18.33 an ounce.