Gold, silver prices surge on firm demand

High

Gold prices climbed to near one week high at the domestic bullion market today on firm buying triggered by sustained retail demand on the back of peak marriage season.

Silver recovered smartly on bullish speculative off-take as well as renewed industrial demand. Standard gold (99.5 purity) shot up by Rs 190 per 10 gm to end at Rs 31,175 from Monday's closing level of Rs 30,985.

Pure gold (99.9 purity) soared by Rs 195 per 10 gm to conclude at Rs 31,300 from Rs 31,105. Silver ready (.999 fineness) spurted by Rs 470 per kg to finish at Rs 61,795 as against Rs 61,325 yesterday.

In Europe, gold traded slightly higher as investors played safe ahead of the year-end and expectations of deal over averting US fiscal cliff.

Spot gold was bid up at USD 1,698.04 an ounce in early trade and silver was bid higher at USD 32.38 an ounce.

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