Gold staged a smart rally and hit a 9 month high at the
domestic bullion market on Saturday on strong buying from stockists amid
jewellery and investment demand in the backdrop of surge in global commodity
market.
Silver also surged and retraced the key Rs 54,000 per kg
mark on heavy speculative as well as industrial demand.
Standard gold of 99.5% purity shot up by Rs 630 to conclude
at Rs 31,790 per 10 gm from Friday's closing level of Rs 31,160.
Pure gold of 99.9% purity jumped by Rs 635 to end at Rs 31,945
per 10 gm from Rs 31,310.
Silver ready (.999 fineness) zoomed by a massive Rs 2,260 to
finish at Rs 54,260 per kg from its previous closing level of Rs 52,000.
After a few days of consolidation in the midst of global
uncertainty due to concerns over US Federal Reserve tapering its easy money
policy, stockists and jewellery makers began taking position to meet the robust
festive and wedding season demand for the yellow metal.
Globally, gold vaulted by a hefty USD 25 gain to touch a
two-month high after weaker-than-expected housing and jobless claims data in US
led to speculation that the Fed is likely to keep its bullion-friendly stimulus
measures for longer than expected period.
In New York, gold for December delivery rose to end at USD
1,395.80 an ounce on the Comex division of the NYMEX late on Friday. September
silver contract also gained and settled at USD 23.74 an ounce.
