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Gold glitters to 8-month high; silver tops Rs 36k mark

GOLD

Mumbai :Gold continued its upbeat momentum for the fifth straight day to hit an eight-month high at the domestic bullion market here today on the back of seasonally-driven buying amid bullish global cues.

Elsewhere, silver also surged to close above the significant Rs 36,000-mark owing to heavy speculative offtake.

Standard gold (99.5 purity) jumped by Rs 275 to finish at Rs 27,430 per 10 grams from overnight close of Rs 27,155.

Pure gold (99.9 purity) also shot-up by a similar margin of Rs 275 to end at Rs 27,580 per 10 grams as compared to Rs 27,305 earlier.

Silver (.999 fineness) rose by Rs 215 to settle at Rs 36,155 from Rs 35,940 yesterday.

In worldwide trade, the precious metal climbed to new multi-month highs on dollar weakness as well as sluggish US macro data, trimming speculations for another Fed rate hike in March, despite the ongoing global relief rally in stocks.

Spot gold was trading substantially higher at USD 1,158.70 an ounce in early European trade, while silver quoted firm at USD 14.84 an ounce.

PTI

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