Mumbai , Oct 14 Both the precious metals, gold and silver, rallied on the bullion market here today with standard gold rising by Rs 80 per 10 gm and silver by Rs 35 per kg respectively on persistent festival demand amid firm global cues.
Traders said stockists buying on the back of higher global cues and retailers enquiries following fast approaching Diwali festival.
Mainly boosted the demand for these metals.
Silver also rallied to an all-time high on sustained industrial demand on the back of higher international advices.
In London, gold prices rose to a record high above USD 1,070 an ounce as the dollar slid to a new 14-month lows against the euro and oil prices rose towards USD 75 a barrel which boosted interest in precious metals, a dealer said.
Silver also hit a 14-month high of USD 18.07 an ounce
In Tokyo, gold hovered just below record highs today as dollar declined to hit fresh 14-month lows against its major rivals.
In the local market, standard gold (99.5 purity) rose by Rs 80 per ten grams to end at Rs 16,010 from the Monday&aposs closing level of Rs 15,930.
Pure gold (99.9 purity) also spurted by Rs 95 per 10 grams to finish at Rs 16,100 from Rs 16,005.
Silver ready (.999 fineness) hardened by Rs 35 per kilo to Rs 28,090 from Rs 28,055 previously.
