Gold soars to historic level on global cues, silver tumbles

Gold soars to historic level on global cues, silver tumbles

Mumbai: Gold prices soared further to reach another historic level at the bullion market here on Saturday on persistent buying by stockists and investors on the back of bullish global rally.

Silver tumbled following sustained selling by speculators amid reduced industrial offtake.

In overseas market, the precious metals settled for record as the yellow metal jumped more than $25 and silver by 2% over falling dollar and inflationary concerns.

Standard gold (99.5 purity) shot up by a hefty Rs565 per 10 grams to end at Rs22,710 from Friday’s closing level of Rs22,145.

Pure gold (99.9 purity) also surged by a similar margin of Rs565 per 10 grams to conclude at Rs22,815 from Rs22,250 on Thursday.

However, silver ready (.999 fineness) plunged by Rs1,085 per kg to finish at Rs71,825 from overnight closing level of Rs72,910.

In New York, gold for June delivery climbed by $25.20 to settle at $1,556.40 an ounce on the Comex division of the NYMEX.

Silver for July contract also closed higher by $1.06 at $48.60 an ounce.

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