Further rise in gold, silver prices

Jan 07 2013, 21:29 IST
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SummaryThe industrial metal also strengthened owing to speculative buying and higher industrial offtake.

Gold prices rose further at the domestic bullion market here on increased retail buying interest as well as jewellery demand.

The industrial metal also strengthened owing to speculative buying and higher industrial offtake.

Standard gold of 99.5 per cent purity hardened by Rs 60 to close at Rs 30,650 per 10 gm from last Friday's closing level of Rs 30,590.

Pure gold of 99.9 per cent purity also added by 65 to finish at Rs 30,790 per 10 gm from Rs 30,725 previously. Silver ready (.999 fineness) jumped by Rs 195 per kg to close at Rs 58,285 from last weekend's level of Rs 58,090.

Meanwhile, gold remained under pressure in overseas trade and moved in a narrow range in the wake of strong dollar and positive US jobs data.

The metal plunged to a four-and-a-half-month low on Friday triggered by an across the board commodity sell-off spooked by concerns that the central bank could end its bond-buying program earlier than expected.

Spot gold was bid lower at USD 1,654.50 an ounce in early London trade and spot silver was bid down at USD 30.12 an ounce.

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