Gold, silver surge further on fresh demand

Omega Gold Property located in prolific Kirkland Lake district

Recent Drill Results Include 24 Meters of 2.66g/t Gold in Open Pit Area

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Gold, silver surge further on fresh demand

posted on Aug 13, 2012 10:21AM

Gold prices soared further at the domestic bullion market on Monday on higher off-take from stockists and investors supported by ensuing festivities and marriage season.

Silver also hardened following consistent speculative demand on the back of good industrial buying.

Standard gold (99.5 purity) firmed up by Rs 115 to close at Rs 29,995 per 10 grams from last Saturday’s closing level of Rs 29,880.

Pure gold (99.9 purity) also went up by similar margin of Rs 115 to end at Rs 30,135 per 10 grams from Rs 30,020.

Silver ready (.999 fineness) rose by Rs 220 per kg to finish at Rs 54,360 from Rs 54,140 last weekend.

In Europe, gold gained in a range bound trade amid hopes of Central Bank intervention for ailing euro pressured the dollar and speculation that weak global growth would prompt further stimulus measures.

Spot gold was bid up at $1,624.10 an ounce in early trade, while silver was traded flat at $28.09 an ounce.

Source: http://www.thehindubusinessline.com/markets/gold/article3764114.ece

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