Gold reclaims Rs 31,000 mark on festive demand, silver spurts

Precious gold spiked to near one-and -a half months high and reclaimed the key psychological Rs 31,000 per 10/gm mark at the bullion market here today owing to heavy jewellery stockists demand supported by robust seasonal offtake.
Silver also surged on the back of aggressive speculative as well as industrial buying.
Standard gold of 99.5 per cent purity climbed by Rs 165 to finish at Rs 31,130 per 10 grams from Saturday's closing level of Rs 30,965.
Pure gold of 99.9 per cent purity also spurted by a similar margin to end at Rs 31,280 per 10 grams from Rs 31,115 previously.

Silver ready (.999 fineness) jumped by Rs 700 to conclude at Rs 49,750 per kg as compared to Rs 49,050 last weekend.
Globally, the shiny metal continued its momentum on easing concerns over an imminent withdrawal of the Fed's bullion friendly quantitative-easing measures amid sliding dollar value.
Spot gold was bid higher at USD 1,320 an ounce in early European trade and silver was up at USD 22.18 an ounce.