Gold scales 1-week high on buying, global cues, silver soars

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Silver also jumped and retraced the Rs 51,000 per kg mark on heavy speculative demand. Reuters Silver also jumped and retraced the Rs 51,000 per kg mark on heavy speculative demand. Reuters
SummarySilver also jumped and retraced the Rs 51,000 per kg mark on heavy speculative demand.

Gold prices climbed to nearly one -week high at the domestic bullion market today on firm buying by stockists and investors in the backdrop of rally in global markets.

Silver also jumped and retraced the Rs 51,000 per kg mark on heavy speculative demand.

The market was closed yesterday on account of Anant Chaturdashi.

Gold graph Sept 19

Standard gold of 99.5 per cent purity rose Rs 270 to finish at Rs 30,280 per 10 gm from Tuesday's closing level of Rs 30,010.

Pure gold of 99.9 per cent purity also gained by a similar margin to end at Rs 30,430 per 10 gm from Rs 30,160.

Silver ready (.999 fineness) shot up by Rs 945 to settle at Rs 51,815 per kg from Rs 50,870 previously.

Stockists are expecting a spurt in demand for the yellow metal in the coming months, a dealer said.

Globally, gold hit one week high as the dollar fell after the US Federal Reserve surprised markets by choosing not to cut back its commodity-friendly monetary stimulus for now.

In London, spot gold was bid higher at $1,363.10 an ounce in early trade, while spot silver bid up at $22.89 an ounce.

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