Gold, silver zoom on hectic demand, firm global cues

Published: 17th October 2013 07:24 PM  |   Last Updated: 17th October 2013 07:24 PM   |  A+A-


Gold climbed to hit more than five- week high at the bullion market here today on hectic demand from stockists and traders triggered by a surge in global market amidst festival and marriage season off-take.

Silver also surged and retraced the Rs 49,000 per kg mark on aggressive speculative buying.

Standard gold of 99.5 per cent purity shot up by Rs 365 to end at Rs 30,970 per 10 gram from Wednesday's closing level of Rs 30,605.

Pure gold of 99.9 per cent purity zoomed a similar margin to finish at Rs 31,120 per 10 gram from Rs 30,755 yesterday.

Silver ready (.999 fineness) strengthened by Rs 670 to conclude at Rs 49,000 per kg from Rs 48,330 previously.

Globally, gold spurted to a one-week high on weak dollar amid expectation that the temporary deal to avoid US debt default might prompt the Federal Reserve to hold back from reducing its additional monetary stimulus.

Spot gold bid higher at USD 1,312.84 an ounce in early trade, while silver bid up at USD 21.78 an ounce.


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