Gold, silver surge on buoyant global sentiment

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Gold, silver surge on buoyant global sentiment
Mumbai, Nov 8 (PTI) Gold prices shot up further and came close to its all-time high level at the domestic bullion market here today on frantic stockists as well as investment driven buying spree boosted by global rally.

Silver too jumped on the back of heavy speculative buyout coupled with strong industrial demand.

Considering the worsening political and economical situations in Europe amid strong domestic demand due to marriage season, the conditions are perfect for the yellow metal to climb further high, bullion traders commented.

On the global front, gold extended its strong momentum for the second consecutive day on ongoing political uncertainties in Italy amidst deteriorating euro zone's sovereign debt crisis.

Standard gold (99.5 purity) spurted by Rs 530 per 10 grams to end at Rs 28,630 from Monday's close of Rs 28,100. It had touched an all-time high of Rs 28,660 per 10 grams on September 6 this year.

Pure gold (99.9 purity) zoomed by Rs 525 per 10 grams to conclude at Rs 28,755 as compared to Rs 28,230 yesterday.

Silver ready (.999 fineness) galloped by Rs 765 per kg to finish at Rs 57,865 from Rs 57,100 yesterday.

In New York, gold December delivery rose by USD 35 to settle at USD 1,791.10 an ounce at Comex division of the NYMEX and silver for December contract also gained 74 cents to end at USD 34.83 an ounce.

PTI

Read more about: gold, silver, europe, bullion, debt crisis
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