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Gold Crosses Rs 29k Milestone, Silver Spurts

Mumbai, Nov 16: Bouyant wedding seasonal demand amidst higher investors offtake pushed the yellow metal to cross the psychological Rs 29,000 mark at the domestic bullion market here today.Silver also spurted on frantic speculative buying

PTI [ Updated: November 16, 2011 20:15 IST ]
gold crosses rs 29k milestone silver spurts
gold crosses rs 29k milestone silver spurts

Mumbai, Nov 16: Bouyant wedding seasonal demand amidst higher investors offtake pushed the yellow metal to cross the psychological Rs 29,000 mark at the domestic bullion market here today.


Silver also spurted on frantic speculative buying following heavy industrial demand.

“Prolonged uncertainty in equity market is moving the yellow metal as an alternate investment amidst marriage seasonal demand,” traders said.

Standard gold (99.5 purity) strengthened by Rs 240 per 10 grams to close at Rs 29,140 from Tuesday's close of Rs 28,900.

Pure gold (99.9 purity) also hardened by Rs 245 per 10 grams to conclude at Rs 29,270 as against Rs 29,025 previously.

Silver ready (.999 fineness) shotup by Rs 840 per kg to finish at Rs 58,340 as compared to Rs 57,500 yesterday.

In New York, gold ended higher on safe haven appeal amidst continuing worries over eurozone crisis.

Gold for December delivery rose USD 3.80 to USD 1,782.20 an ounce on the Comex division of NYMEX late yesterday.

Silver for December delivery were up 43 cents to USD 34.46 an ounce.

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