Gold continues to surge on rising demand, silver also shines

 

Gold maintained its strong momentum for the third straight session today at the domestic bullion market, posting gains due to aggressive demand from stockists and investors amid firm overseas support.

Silver also rose further on the back of good industrial as well as speculative buying.

Besides buoyant global cues, strong investment buying alongside falling rupee valuations led to the spurt in the yellow metal's prices.

Investment in gold became more attractive after the Government hiked import duty to curb demand for the shiny metal. This has led to buying frenzy, bullion traders said.

Standard gold of 99.5% purity hardened by Rs 225 to finish at Rs 27,795 per 10 gm from Thursday's closing level of Rs 27,570.

Pure gold of 99.9% purity also strengthened by a similar margin to end at Rs 27,930 per 10 gm from Rs 27,705.

Silver ready (.999 fineness) rose by Rs 230 to settle at Rs 45,525 per kg from Rs 45,295 yesterday.

Globally, the yellow metal climbed above the important $1,400 an ounce mark after US jobless claims fell less-than -expected amid growing uncertainty over the future of the Federal Reserve's stimulus programme.

Gold for August delivery spiked $17.30 to settle at $1,415.80 an ounce on the Comex division of the NYMEX late yesterday, while July silver firmed up to $22.71 an ounce.