Gold price spurts on bargain hunting, global cues

PTI : Mumbai, Tue Feb 26 2013, 20:53 hrs

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Gold price climbed up at the bullion market here today on emergence of fresh demand from stockists and retailers at existing levels amidst bullish global cues.

On the other hand, silver fell due to speculative unwinding on the back of subdued industrial off-take.

Standard gold of 99.5 per cent purity rose Rs 100 to conclude at Rs 29,450 per 10 gm from Monday's closing level of Rs 29,350.

Pure gold of 99.9 per cent purity also firmed up by a similar margin to end at Rs 29,585 per 10 gm from Rs 29,485.

Silver ready (.999 fineness) dropped Rs 210 to finish at Rs 55,215 per kg from Rs 55,425 yesterday.

Globally, gold rallied on safe-haven demand on renewed concerns over political and economic uncertainty following Italy's election deadlock amid fears over eurozone debt crisis.

Gold for April delivery jumped by USD 13.80 to settle at USD 1,586.60 an ounce on the Comex division of the NYMEX late yesterday. Silver March contract ended at USD 28.99 an ounce.

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