Gold spurts on seasonal offtake, silver declines

Gold prices shot up to a two-week high to reclaim Rs 31,000 per 10-grams level at domestic bullion market today on good buying by traders amid marriage seasonal offtake even as fragile rupee sentiment also pushed up the prices.
Silver dropped due to speculative selling against the backdrop off subdued global cues.
The rupee continued to trade weak for fifth session in a row to close Rs 63.71 against the US dollar following sustained dollar demand from importers weighed by strong dollar overseas.
Standard gold (99.5 purity) surged by Rs 335 to end at Rs 31,180 per 10 grams from Monday's closing level of Rs 30,845.

Pure gold (99.9 purity) also climbed by Rs 340 to conclude at Rs 31,330 per 10 grams from Rs 30,990.
However, silver ready (.999 fineness) fell by Rs 245 to close at Rs 49,535 per kilo from Rs 49,780 previously.
Globally, gold hit a 3-1/2 week low dropping for a fourth straight session as the dollar firmed up rising possibility that the US Federal Reserve will soon scale back monetary stimulus.
In London, spot gold slid to USD 1,276.24 an ounce in early trade and spot silver dropped to USD 21.16 an ounce.