Riding an unprecedented buying frenzy, precious gold reclaimed the psychological Rs. 32,000 per 10 gm mark at the domestic bullion market here amid swelling festive and wedding-related off take.
Demand for the yellow metal has been witnessing a massive surge ever since the festive season began outstripping supply due to shortage of gold following restrictions on consignment imports, leading to a sharp spurt in domestic prices, bullion traders said.
The industrial metal silver rebounded sharply on back of aggressive speculation buying coupled with firm industrial buying support.
Standard gold of 99.5 per cent purity rose by Rs. 175 to conclude at Rs. 32,015 per 10 gram from Friday’s closing level of Rs. 31,840.
Silver ready (.999 fineness) jumped by Rs. 360 to finish at Rs. 50,540 per kilo from Rs. 50,180 on Friday.
On the global front, gold maintained its upbeat momentum to reclaim one-month high supported by safe haven demand on growing expectations that the Federal Reserve will delay tapering its stimulus program and lacklustre U.S. macro data.
Gold December delivery settled high at $1.352.50 an ounce on the Comex division of the NYMEX late Friday, while silver December contract closed lower at $22.64 an ounce