Gold rallied further at the domestic bullion market on Saturday on the back of sustained demand from stockists and investors at prevailing low levels amid strong overseas cues.

Silver also jumped owing to aggressive speculative buying as well as jewellery off—take.

Standard gold of 99.5 per cent purity soared by Rs 410 to end at Rs 29,510 per 10 grams from Friday’s closing level of Rs 29,100.

Pure gold of 99.9 per cent purity surged by Rs 415 to conclude at Rs 29,650 per 10 grams from Rs 29,235.

Silver ready (.999 fineness) rose by Rs 465 to finish at Rs 52,535 per kilo from Rs 52,070 yesterday.

The recent sharp fall in gold prices, which hit 10 months low, prompted small investors to buy the metal due to its attractive valuations, traders said.

Active buying interest from retailers and jewellery makers at current levels ahead of peak wedding season also supported the precious metal’s rise, they said.

Globally, the yellow metal showcased its sharpest single day gain after the much—awaited US job numbers fell short of expectations, easing fears that Federal Reserve may consider tightening policy measures in the coming months.

Gold for June delivery spiked $23.50 to settle at $1,575.90 an ounce on the Comex division of the NYMEX late yesterday.

The silver May contract also spurted 45 cents to end at $27.22 an ounce.

Related Topics