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Gold, silver spurt further on fresh buying, global cues

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Gold prices advanced by Rs 255 to close at Rs 29,700 per 10 grams on Wednesday owing to fresh buying by stockists and investors.
Gold prices advanced by Rs 255 to close at Rs 29,700 per 10 grams on Wednesday owing to fresh buying by stockists and investors.

Gold prices strengthened further at the domestic bullion market on Wednesday on strong offtake by stockists and investors amid fresh jewellery buying also influenced by higher global trend.

Silver gained tracking the yellow metal with heavy speculative demand on the back of increased industrial buying.

Standard gold (99.5 purity) advanced by Rs 255 to close at Rs 29,700 per 10 grams from Tuesday’s closing level of Rs 29,445.

Pure gold (99.9 purity) also rose by Rs 260 to finish at Rs 29,830 per 10 grams from Rs 29,570.

Silver ready (.999 fineness) went up by Rs 140 per kg to conclude at Rs 52,965 as against Rs 52,825 previously.

In Europe, gold prices rose after European Central Bank decision over giving banking license to Europe’s ESM bailout fund, lifting the euro as well as equities higher.

Spot gold bid higher at $1,589.71 an ounce in early trade and silver also bid up at $27.06 an ounce.

(This article was published on July 25, 2012)
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