Gold regains Rs 31k-mark on renewed demand, silver tops 47,000/kg

Mumbai: Gold reclaimed the Rs 31,000-mark, at the domestic bullion market on Monday following fresh offtake from investors and stockist triggered by bullish global cues. Elsewhere, silver continued its rising streak for the fourth day and reclaimed Rs 47,000 mark by surging Rs 2,260 per kg, its highest in more than two-years, on heavy speculative rally, also weighed by higher overseas markets. Silver mostly benefited from a surge of buying in China.
Standard gold (99.5 purity) spurted by Rs 335 to end at Rs 31,080 per 10 grams from previous level of Rs 30,745. Gold further rose towards two-year high, while silver crosses $21/oz in international markets.

Fresh offtake from investors and stockists triggered by bullish global cues pushed the prices of precious metals in the domestic bullion markets.

Pure gold (99.9 purity) also climbed by a similar margin to close at Rs 31,230 per 10 grams as compared to Rs 30,895 earlier. Silver (.999 fineness) zoomed up by Rs 2,260 to finish at Rs 47,340 against Rs 45,080 previously. The level has not been seen since March 3, 2014.
Globally, gold rose as political turmoil following Britain’s vote to leave the European Union (EU) supported prices after a burst of short-covering activity in China earlier pushed them back towards last week’s two-year high. Spot gold was up 0.6 per cent at $1,349.90 an ounce in early trade, while US gold futures for August delivery were up $13.30 an ounce at $1,352.30. Silver was up 2.3 per cent at $20.17 an ounce.
Source: PTI