Gold prices shot up further and came close to their all-time high levels at the domestic bullion market here on Tuesday on frantic stockists’ as well as an investment-driven buying spree boosted by a global rally. Silver also jumped on the back of heavy speculative buyout, coupled with a strong industrial demand.
Considering the worsening scenario in Europe amid strong domestic demand due to the marriage season, the conditions were perfect for the yellow metal to climb further, bullion traders said.
On the global front, gold extended its strong momentum for a second consecutive day on the ongoing political uncertainties in Italy, amidst the euro zone’s sovereign debt crisis.
Standard gold (99.5 purity) spurted by Rs 530 per 10 g to end at Rs 28,630 from Monday's close of Rs 28,100. Pure gold (99.9 purity) zoomed by Rs 525 per 10g to conclude at Rs 28,755, compared to Rs 28,230 yesterday. Silver ready (.999 fineness) galloped by Rs 765 a kg to finish at Rs 57,865 from Rs 57,100 yesterday.
In New York, gold December for gold delivery rose $35 to settle at $1,791.10 an ounce at Comex division of the NYMEX.