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Gold climbs on strong overseas cues, silver rallies

PTI 22 Aug 2012, 19:52:25 IST
Mumbai, Aug 22: Gold prices climbed, fell short within striking distance of touching another record highs at the domestic bullion market today on hectic investors' and stockists' off-take, triggered by a surge in the international prices.

Silver also tracked the yellow metal and jumped on heavy speculative demand as well as industrial buying.  Standard gold (99.5 purity) strengthened by Rs 190 to end at Rs 30,280 per 10 grams from Tuesday's closing level of Rs 30,090.

Pure gold (99.9 purity) also hardened by Rs 180 to finish at Rs 30,420 per 10 grams from Rs 30,240.  Silver ready (.999 fineness) surged by Rs 740 per kg to conclude at Rs 56,440 as compared to Rs 55,700 previously.  

In New York, gold rose to highest since last three months on weak dollar following Chinese indication of fresh stimulus and speculation that ECB will take steps against the spread of debt crisis by capping Spanish and Italian borrowing costs.

Gold for December delivery zoomed by USD 19.90 to USD 1,642.90 an ounce on the Comex division of the NYMEX late yesterday.

Silver for September contract gained 84 cents to USD 29.43 an ounce.