Gold, silver advance on strong global surge

Mumbai, Sep 3: Gold and silver prices advanced further at the domestic bullion market here today on steady buying from investors and speculators influenced by the global rally.

In the overseas market, gold spiked nearly 3 per cent following weak US job report leading to a sell-off in equities as investors feared for the state of the economy falling back to recession.

Standard gold (99.5 purity) strengthened by Rs 205 per 10 grams to close at 27,815 from Friday''s closing level of Rs 27,610.

Pure gold (99.9 purity) soared by Rs 210 per 10 grams to finish at Rs 27,950 from Rs 27,740.

Silver ready (.999 fineness) also rose by Rs 545 per kilo to close at Rs 65,215 as compared to Rs 64,670 yesterday.

In New York, gold for December delivery jumped by USD 47.80 to USD 1,876.90 an ounce on the Comex division of the NYMEX yesterday.

December silver gained by USD 1.54 to USD 43.07 an ounce.

PTI