Gold strengthens, silver zooms on heavy stockist demand

Standard gold (99.5 per cent purity) climbed by Rs 245 to close at Rs 30,545 per 10 grams.

Mumbai

: Gold strengthened further at the domestic bullion market on November 2 on persistent buying interest from stockists and retailers amid the ongoing festive season on the back of strong global cues.

Silver reclaimed the Rs 44,000-mark per kg due to good speculative offtake amid heavy industrial demand.

Standard gold (99.5 per cent purity) climbed by Rs 245 to close at Rs 30,545 per 10 grams from Tuesday's closing level of Rs 30,300. Pure gold (99.9 per cent purity) also gained by a similar margin to close at Rs 30,695 per 10 grams against Rs 30,450.

Silver (.999 fineness) surged by a whopping Rs 1,080 per kg to close at Rs 44,380 from Rs 43,300 previously.

Globally, gold rallied to a one-month high as intensifying concerns over the outcome of the US election knocked stocks and the lower dollar burnished the appeal of precious metals as a safe haven.

Spot gold was up 0.6 per cent at USD 1,295.98 an ounce in early European trade while US gold futures for December delivery were up USD 9.20 an ounce at USD 1,297.20.

Among other precious metals, silver was up 1 percent to USD 18.51 per ounce. Earlier in the session, the metal hit a high of USD 18.55, its highest since October 4.