Gold, silver soar on seasonal demand, global cues

Mumbai: Gold prices recovered smartly at the bullion market here today on renewed buying interest from investors and stockists amid good jewellery offtake. Silver also shot up on the back of frantic speculative demand amid higher industrial support. Standard gold (99.5 purity) rose by Rs 100 to conclude at Rs 29,310 per 10 gm from Friday`s closing level of Rs 29,210. Pure gold (99.9 purity) also went up by a similar margin to end at Rs 29,440 per 10 gm from Rs 29,340 previously.

Silver ready (.999 fineness) surged by Rs 400 per kg to close at Rs 56,450 as against Rs 56,050 on Friday. In New York, gold futures jumped on disappointing US job data, reigniting possibility of further monetary easing measures amid political uncertainties in euro-zone. Gold for June delivery added USD 10.40 to USD 1,645.20 an ounce on the Comex division of the NYMEX late on Friday. Silver for July contract gained 42 cents to settled at USD 30.43 an ounce.

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