Gold surges on firm demand; silver also spurts

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Gold prices on Friday climbed for the fourth straight day to touch highest level in nearly a week at the domestic bullion market on consistent demand from jewellery stockists and retailers ahead of festivities.
Silver also continued its rally on the back of speculative demand coupled with higher industrial buying. Standard gold of 99.5 per cent purity rose by ` 185 to conclude at ` 30,265 per 10 gm from overnight closing level of ` 30,080.
Pure gold of 99.9 per cent purity also strengthened by ` 185 to finish at ` 30,415 per 10 gm from ` 30,230. Silver ready (.999 fineness) hardened by ` 200 to end at ` 50,300 per kg from Thursday’s close of ` 50,100.
Meanwhile, the yellow metal retreated in overseas trade after better-than-expected US jobless claim data reignited fears that the Fed will start tapering its bond- buying programme despite lingering fiscal woes. December gold fell $12.10 to settle at $1,324.10 an ounce on the Comex division of the NYMEX late yesterday and silver December contract slipped to $21.77 an ounce.
Source: Hindu business line
Source:Bullion Bulletin

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