Gold, silver prices zoom on global cues, festive off-take

Gold prices spurted to hit one-and-a- half month high at the domestic bullion market today on steady demand from stockists and retailers amid festive offtake and bullish global cues.

Silver also shot up to revisit Rs 61,000 level on heavy speculative offtake from investors and good industrial buying. Standard gold (99.5 purity) rose Rs 420 per 10 grams to end at Rs 31,620 from Thursday's closing level of Rs 31,200 per 10 grams.

Pure gold (99.9 purity) also surged by a similar margin to conclude at Rs 31,755 from Rs 31,335 per 10 grams. Silver ready (.999 fineness) jumped by Rs 950 per kg to close at Rs 61,240 as against Rs 60,290 a kg previously.

In Europe, gold rose to a three-week high amid optimism

over soft US monetary policy after President Barack Obama's re-election.

Spot gold was bid higher at USD 1,732.09 an ounce (28 gm) in early trade.

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