Gold, silver spurt on stockists' demand, global support

Last Updated: Wed, Jan 02, 2013 10:38 hrs

Gold prices rose further at the domestic bullion market here today on sustained buying from stockists and jewellery makers amid bullish overseas sentiment.

Silver also strengthened owing to higher speculative as well as industrial demand.

Standard gold of 99.5 per cent purity spiked by Rs 155 to finish at Rs 30,645 per 10 grams from Monday's closing level of Rs 30,490.

Pure gold of 99.9 per cent purity also went up by Rs 160 to close at Rs 30,785 per 10 grams, as compared to Rs 30,625.

Silver ready (.999 fineness) firmed up by Rs 220 per kg to conclude at Rs 58,040 from Rs 57,820 yesterday.

On the global front, gold witnessed a year-end rally on the back of bargain hunting amid optimism over a possible US fiscal deal, extending its 12th straight year of gains.

Gold for February delivery shot up by USD 19.90 to settle at USD 1,675.80 an ounce on the Comex division of the NYMEX late yesterday.

March silver contract gained by 25 cents to USD 30.23 an ounce.

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