Millennium Post

Gold storms back on festival frenzy, rises above Rs 32,000/10 gm

Demand for the shiny metal has been witnessing a massive surge ever since the festive season began outstripping supply due to shortage of gold following restrictions on consignment imports, leading to a sharp spurt in domestic prices, bullion traders commented.

The industrial metal silver rebounded sharply on back of aggressive speculation buying coupled with firm industrial buying support.

Standard gold of 99.5 per cent purity rose by Rs 175 to conclude at Rs 32,015 per 10 grams from Friday's closing level of Rs 31,840.

Pure gold of 99.9 per cent purity also climbed by a similar margin to end at Rs 32,165 per 10 grams as against Rs 31,990.

Silver ready (.999 fineness) jumped by Rs 360 to finish at Rs 50,540 per kilo from Rs 50,180 on Friday.

On the international front gold maintained its upbeat momentum to reclaim a one-month high, supported by safe haven demand on growing expectations that the United States Federal Reserve Board (Fed) will delay tapering of its $85 billion-a-month monetary stimulus programme — also called quantitative easing — and lacklustre American macroeconomic statistical data.

Gold December delivery settled high at $1.352.50 an ounce on the Comex division of the NYMEX
while silver December contract closed lower at $22.64 an ounce.
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