Gold gains on scattered buying,silver firms up

Gold prices gained further at the domestic bullion market today on scattered buying by stockists and traders amid cautiousness,despite a fall in overseas markets.

Silver also firmed up good speculative demand.

“Gold is witnessing bargain-hunting as it is maintaining the rising momentum in domestic market on the backdrop of forthcoming festive and wedding season”,dealers said.

Standard gold (99.5 purity) rose by Rs 60 per 10 grams to close at Rs 31,260 from Tuesday’s closing level of Rs 31,200.

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Pure gold (99.9 purity) also added by Rs 55 per 10 grams to finish at Rs 31,395 from Rs 31,340.

Silver ready (.999 fineness) also climbed by Rs 245 per kg to end at Rs 61,530 from Rs 61,285.

In Europe,gold continued its downtrend on weak euro on rising worries over outlying eurozone economies as well as global economy.

Spot gold was bid down at USD 1,762.84 an ounce in early trade and silver also was bid lower at USD 33.78 an ounce.

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