Gold gained further at domestic bullion market on Monday on moderate buying by stockists and traders amid some local buying interest due to ongoing marriage seasons. Silver recovered smartly on good speculative offtake. Standard gold (99.5 purity) rose by ` 55 to close at ` 30,845 per 10 grams from last Saturday’s closing level of ` 30,790. Pure gold (99.9 purity) also advanced by ` 50 to finish at ` 30,990 per 10 grams from ` 30,940.
Silver ready (.999 fineness) climbed by ` 280 to end at ` 49,780 per kilo from ` 49,500 last weekend. Specific buying due to marriage seasonal offtake combined with weakness in rupee which fell almost to two—month low too supported the gold’s gain, dealers said. At the international market, gold hit three—and—a—half week lows in the backdrop of strong US jobs growth data led the speculation that Federal Reserve would soon start scaling back its monetary stimulus, diminishing bullion’s safe haven appeal.
In London, spot gold dipped to $1,278.94 an ounce in early trade and spot silver fell to $21.35 an ounce.
Source: Hindu business line
Source:Bullion Bulletin