Gold, silver climb on Diwali offtake, global cues

Mumbai, Nov 13: Gold prices climbed to an nearly two-month high in the domestic bullion market on Sunday, Nov 12 on consistent Diwali demand from traders and retailers.

The metal surged on heavy retail buying, which was considered prosperous or auspicious by Hindus during Diwali, to be celebrated on Monday.

Silver also soared to retain 62,000 level on heavy offtake by speculators as well as industrial demand.

Standard gold (99.5 purity) rose by Rs 250 per 10 grams to close at Rs 31,900 from last Saturday's closing level of Rs 31,650.

Pure gold (99.9 purity) also gained by Rs 235 per 10 grams to end at Rs 32,035 from Rs 31,800. Silver ready (.999 fineness) spurted by Rs 605 per kg to finish at Rs 62,365 as against to Rs 61,760 last weekend.

In Europe, gold strengthened over investors hope of soft US monetary policy would continue to remain as well as safe haven buying amid overshadowing US fiscal crisis. Spot gold was bid higher at USD 1,736.01 an ounce in early trade and silver bid up at USD 32.70 an ounce.

PTI