Gold rallies sharply on strong buying, silver also soars

Sep 03 2013, 19:15 IST
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Pure gold of 99.9 per cent purity surged by Rs 980 to conclude at Rs 32,665 from Rs 31,685. Pure gold of 99.9 per cent purity surged by Rs 980 to conclude at Rs 32,665 from Rs 31,685.
SummaryPure gold of 99.9 per cent purity surged by Rs 980 to conclude at Rs 32,665 from Rs 31,685.

Gold prices bounced back sharply after their overnight slide at the domestic bullion market today on sustained off-take from stockists and investors amidst fall in the rupee value.

Silver also zoomed and retraced Rs 58,000 per kg level on heavy speculative demand.

Standard gold of 99.5 per cent purity shot up by Rs 970 to finish at Rs 32,510 per 10 gm from Monday's closing level of Rs 31,540.

Pure gold of 99.9 per cent purity surged by Rs 980 to conclude at Rs 32,665 from Rs 31,685.

Silver ready (.999 fineness) soared by a hefty Rs 2,780 to end at Rs 58,355 per kg from Rs 55,575 previously.

The domestic currency tanked for the second day and fell to Rs 67.63 per dollar amid crash in equity markets and possible lowering of the country's credit rating by S&P.

Globally, gold traded listless on investor cautiousness ahead of US economic data which would give indication about the Federal Reserve's policy moves, while uncertainty remained around a possible military strike on Syria.

In London, spot gold was bid lower at USD 1,393.20 an ounce in early trade, while silver was unchanged at USD 24.15 an ounce.

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