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Gold jumps on global cues, silver crosses Rs 47,000-mark

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Mumbai: Gold prices jumped at the domestic bullion market here today on sustained offtake from investors and jewellery stockists driven by surging global cues. Silver too witnessed a strong rebound on the back of heavy speculative offtake coupled with good industrial buying.

Globally, gold rose as weak a US data weighed on the dollar with investors perceiving the yellow metal a hedge against economic and financial risk. Standard gold (99.5 purity) advanced by Rs 355 to conclude at Rs 31,285 per 10 grams from yesterday’s closing level of Rs 30,930.

Pure gold (99.9 purity) also added a similar margin to end at Rs 31,435 per 10 grams compared to Rs 31,080 previously. However, silver (.999 fineness) zoomed up by Rs 1,118 per kg to finish at Rs 47,813 from Rs 46,695 earlier.

In London gold was up 1 percent at USD 1,352.90 an ounce in early trade. Among other precious metals, silver was up 2.6 percent at USD 20.33 an ounce.

PTI

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