Gold sprints to one-month high on strong buying; silver slips
Mumbai: Gold rallied and scaled one-month high at the domestic bullion market Saturday driven by consistent demand from stockists amid investment buying and speculative off-take.
Silver, however, eased owing to lack of industrial buying support.
Standard gold of 99.5 percent purity spurted Rs 250 to finish at Rs 27,945 per 10 gm, a level not seen in a month, from Friday's closing figure of Rs 27,695.
Pure gold of 99.9 percent purity surged Rs 255 to end at Rs 28,085 per 10 gm from Rs 27,830.
Silver ready (.999 fineness), however softened by Rs 35 to settle at Rs 41,555 per kg from Rs 41,590 yesterday.
Meanwhile, globally, the shiny metal witnessed modest profit taking after recent rally as investors turned cautious ahead of Federal Open Market Committee (FOMC) meet next week amid ongoing uncertainty over the US Fed's bond-buying programme.
Gold for August delivery dropped by USD 7.30 to end at USD 1,321.50 an ounce late yesterday on the Comex division of the New York Mercantile Exchange (NYMEX).
Silver for September contract shed 38 cents to close at USD 19.77 an ounce.