Gold spurts on heavy demand, silver also gains

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Gold prices surged at the bullion market on Monday on heavy demand from traders and jewellers as well as higher marriage season offtake. Silver recovered moderately and regained the Rs.46,000 per kg mark on the back of good speculative buying and industrial demand.
Standard gold of 99.5 per cent purity spurted by Rs.440 to close at Rs.26,700 per 10 gms from last Saturday’s closing level of Rs.26,260. Pure gold of 99.9 per cent purity rallied by Rs.445 to finish at Rs.26,840 per 10 gms from Rs.26,395.
Silver ready (.999 fineness) rose by Rs.515 to conclude at Rs.46,180 per kg from Rs.45,665 last weekend. “The recent crash and speculation over further price rise triggered good demand for the yellow metal,” dealers said.
In overseas market, gold gained on strong physical demand though sentiment was overshadowed by liquidation from exchange—traded funds (ETFs) and speculation over Cyprus.
In Europe, spot gold was bid higher at $1,424.50 an ounce in early trade, while silver was bid up at $23.40 an ounce.

Source: Hindu business line.

Source: Bullion Bulletin

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