Gold spikes to one-month high on buying frenzy
Mumbai: Gold sprinted to a one-month high at the domestic bullion market Saturday on a wave of buying spree from stockists and speculators amid buoyant overseas sentiment.
The industrial metal also rallied owing to renewed jewellery demand coupled with heavy industrial off-take.
Standard gold of 99.5 percent purity spurted by Rs 235 to conclude at Rs 27,905 per 10 gm from Friday's closing level of Rs 27,670.
Pure gold of 99.9 percent purity surged by Rs 240 to end at Rs 28,050 per 10 gm from Rs 27,810.
Silver ready (.999 fineness) jumped by Rs 640 to finish at Rs 44,975 per kg compared to Rs 44,335 previously.
On the global front, the shiny metal recouped most of its lost ground driven by investment buying after larger-than- expected rise in wholesale prices for May, curbing speculation that Federal Reserve might start winding down its huge bond purchase programme.
Gold for August delivery rose USD 9.80 to settle at USD 1,377.60 an ounce on the Comex division of the NYMEX late yesterday and July silver contract gained 32 cents to close USD 21.95 an ounce.