Gold prices spurted by Rs 395 per 10 gm to end at Rs 13,610 on the bullion market here today, mainly stoked by concerns over deepening global recession amid steep fall in world equity markets.
Silver also shot up on good industrial demand coupled with higher global advices.
In London, spot gold was quoted higher at $860.20 an ounce as against $855.20 late in New York on Tuesday following interest in bullion as a haven from risk. Silver also climbed to $11.42 an ounce from $11.11 an ounce yesterday. In New York, gold futures flared up yesterday, ending above $850 an ounce on deepening economic crisis despite Barack Obama taking oath as the 44th US president, formulating a fiscal package of more than $800 billion to support the ailing financial sector.
Gold for February delivery rose by $15.30 or 1.8 per cent to close at $855.20 an ounce on the comex division of the New York Mercantile Exchange. Turning to the domestic market, standard gold (99.5 purity) rose by Rs 395 per 10 gm to Rs 13,610 from yesterday’s close of Rs 13,215.
Pure gold (99.9 purity) also shot up by Rs 395 per 10 gm to Rs 13,670 from overnight close of Rs 13,275.
Silver ready (.999 fineness) also hardened by Rs 375 a kg to Rs 18,950 from Rs 18,575 previously.
