Gold price spurts,silver also hardens on bullish global cues

Gold prices spurted at the domestic bullion market today on higher off-take from stockists and investors in the backdrop of bullish global trend.

Written by Agencies | Mumbai | Published: July 5, 2012 8:33:32 pm

Gold prices spurted at the domestic bullion market today on higher off-take from stockists and investors in the backdrop of bullish global trend.

Silver also surged further on heavy speculative demand amidst good industrial buying.

Standard gold (99.5 purity) shot up by Rs 250 to close at Rs 29,680 per 10 gm from Wednesday’s closing level of Rs 29,430.

Pure gold (99.9 purity) climbed up by Rs 245 to end at Rs 29,805 per 10 gm from Rs 29,560.

Silver ready (.999 fineness) jumped by Rs 630 per kg to conclude at Rs 54,125 from Rs 53,495 previously.

In Europe,gold rallied after a surprise rate cut by China,though investors were trading cautious ahead of an expected European Central Bank rate cut later.

Spot gold was bid up at USD 1,620.99 an ounce in early trade. Spot silver was also bid higher at USD 28.28 an ounce.

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