Gold surges on fresh buying; silver recovers

Gold firmed up further at the bullion market on Monday on steady demand from stockists and traders amid good local buying interest in the backdrop of the ensuing festivities and wedding season.
Silver recovered owing to moderate speculative off-take following renewed industrial demand. Standard gold of 99.5 per cent purity advanced by ` 150 to close at ` 30,395 per 10 gram, from last Saturday’s closing level of ` 30,245.
Pure gold of 99.9 per cent purity added ` 135 to end at ` 30,530 per 10 gram from ` 30,395.
Silver ready (.999 fineness) rose by ` 580 to conclude at ` 48,660 per kg from ` 48,080 last weekend.
Globally, gold gained, but cautiousness prevailed as the US budget impasse remained unsettled amid speculation that an eleventh hour solution to the debt crisis will be found.
In London, gold bid up at $1,281.96 an ounce in early trade and silver bid higher at $21.48 an ounce.
Source: Hindu business line.
Source:Bullion Bulletin

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