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Gold crosses Rs 29K milestone, silver spurts

Bouyant wedding seasonal demand amidst higher investors offtake pushed the yellow metal to cross the psychological Rs 29,000 mark at the domestic bullion market in Mumbai today.

business Updated: Nov 16, 2011 19:02 IST

Bouyant wedding seasonal demand amidst higher investors offtake pushed the yellow metal to cross the psychological Rs 29,000 mark at the domestic bullion market in Mumbai on Wednesday.

Silver also spurted on frantic speculative buying following heavy industrial demand.

"Prolonged uncertainty in equity market is moving the yellow metal as an alternate investment amidst marriage seasonal demand," traders said.

Standard gold (99.5 purity) strengthened by Rs 240 per 10 grams to close at Rs 29,140 from Tuesday's close of Rs 28,900.

Pure gold (99.9 purity) also hardened by Rs 245 per 10 grams to conclude at Rs 29,270 as against Rs 29,025 previously.

Silver ready (.999 fineness) shotup by Rs 840 per kg to finish at Rs 58,340 as compared to Rs 57,500 on Tuesday.

In New York, gold ended higher on safe haven appeal amidst continuing worries over eurozone crisis.

Gold for December delivery rose $3.80 to USD 1,782.20 an ounce on the Comex division of NYMEX late on Tuesday.

Silver for December delivery was up 43 cents to $34.46 an ounce.