Free Press Journal

Gold surges on sustained demand, global cues



Mumbai: Gold continued to rise at the domestic bullion market here today due to sustained buying interest from jewellery stockists and retailers on the back of firm overseas trends. Elsewhere, silver continued its rally on heavy speculative demand coupled with strong industrial buying support.

Standard gold (99.5 purity) climbed by Rs 310 to settle at Rs 25,960 per 10 grams from yesterday’s closing level of Rs 25,650. Pure gold (99.9 purity) also gained by a similar margin to end at Rs 26,110 per 10 grams as compared to Rs 25,800 earlier.

Silver (.999 fineness) rose by Rs 130 per kg to finish at Rs 34,165 from Rs 34,035 earlier. In worldwide trade, gold climbed above USD 1,100 an ounce for the first time in nine weeks as the dollar fell and investors channelled money into safer assets as worries over the Chinese economy hit global stocks.

Spot gold rose to a nine-week high of USD 1,102.80 an ounce, before paring some gains to trade up 0.2 percent at USD 1,095.95 in early trade. US gold futures also jumped for a fourth straight session to a nine-week high of USD 1,102.50. Silver fell 0.2 percent to USD 13.97 an ounce.