Gold, silver continue uptrend; 'Dhanteras' demand weighs

Precious gold maintained its uninterrupted six-day rising momentum at the domestic bullion market today on robust demand from stockists and retailers amid consistent festival off-take.

Silver also surged further on the back of frantic buying from jewellery traders and speculators supported by higher industrial demand. There is an exceptional demand and rush for bullion due to the festival and wedding season, traders said.

Standard gold (99.5 purity) firmed up by Rs 30 per 10 grams to finish at Rs 31,650 from overnight closing level of Rs 31,620. Pure gold (99.9 purity) also went up by Rs 45 per 10 grams to close at Rs 31,800 from Rs 31,755.

Silver ready (.999 fineness) jumped by Rs 520 per kg to conclude at Rs 61,760 as compared to Rs 61,240 yesterday. On the global front, gold climbed further in New York trade on concerns over worsening euro-zone debt crisis amid US fiscal worries.

Gold for December Delivery rose by USD 4.90 to settle at USD 1,730.90 an ounce on the Comex division of the NYMEX late yesterday. Silver for December contract strengthened by 36 cents to close at USD 32.60 an ounce.

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