Gold, silver surge on firm demand

Jan 15 2013, 19:34 IST
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Gold prices recovered smartly at the domestic bullion market today on renewed off-take by stockists and investors on the back of higher global cues. (Reuters) Gold prices recovered smartly at the domestic bullion market today on renewed off-take by stockists and investors on the back of higher global cues. (Reuters)
SummaryGold prices recovered smartly at the domestic bullion market today on renewed off-take by stockists and investors on the back of higher global cues.

Gold prices recovered smartly at the domestic bullion market today on renewed off-take by stockists and investors on the back of higher global cues.

Silver also jumped on heavy speculative demand and higher industrial buying.

Standard gold of 99.5 per cent purity rose by Rs 140 to finish at Rs 30,540 per 10 gm from Monday's closing level of Rs 30,400.

Pure gold of 99.9 per cent purity climbed up by Rs 155 to close at Rs 30,690 per 10 gm from Rs 30,535.

Silver ready (.999 fineness) spurted by Rs 690 to conclude at Rs 59,080 per kg as compared to Rs 58,390 previously.

"Good low-level local buying supported the yellow metal," dealers said.

At the global front, gold traded higher on US Federal Reserve comments over the Central bank's continuance of monetary stimulus as well as concerns of stability in American financial system.

In Europe, spot gold was bid up at USD 1,680.49 an ounce in early trade and silver was bid higher at USD 31.29 an ounce.

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