Gold, silver regain some shine after hitting multi-month lows

Last Updated: Sat, Dec 22, 2012 11:02 hrs

Gold bounced back, after hitting four-month lows in overnight trade, at the bullion market here today on emergence of buying from stockists and retail investors at current attractive levels.

Silver also advanced modestly on some speculative interest.

Standard gold (99.5 purity) rose by Rs 265 per 10 gm to finish at Rs 30,630 from Friday's closing level of Rs 30,365.

Pure gold (99.9 purity) went up by a similar margin to close at Rs 30,760 per 10 gm from Rs 30,495.

Silver ready (.999 fineness) firmed up by Rs 360 per kg to end at Rs 58,190 over its previous close of Rs 57,830.

Both the metals had plunged to hit multi-month lows yesterday spooked by heavy overseas liquidation from hedge funds after the much-awaited US fiscal cliff talks suffered a major setback casting fresh global uncertainty.

On the global front, gold gained after four days of relentless sell-off due to ongoing impasse in US budget talks.

Gold for February delivery rose USD 14.20 to settle at USD 1,660.10 an ounce on the Comex division of NYMEX late yesterday.

Silver for March contract added 52 cents to settle at USD 30.20 an ounce.

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