Mumbai: Gold surged by Rs300 to Rs29,660 per 10 grams at the bullion market in Mumbai on Monday on fresh buying by jewellers and retailers after the government revoked an order that mandated permanent account number (PAN) and Aadhaar cards for purchases above Rs50,000.
Silver also rose by Rs670 per kg on good speculative offtake and industrial demand. Standard gold (99.5 purity) moved up by Rs300 per 10 grams to end at Rs29,660 compared to Friday’s closing level of Rs29,360.
Pure gold (99.9 purity) also rose by a similar margin to settle at Rs29,810 per 10 grams against Rs29,510 earlier. Silver (.999 fineness) climbed by Rs670 to end at Rs39,520 per kg as against Rs38,850 previously.
Globally, gold rose erasing all of the previous week’s losses, as a steadier dollar and the resilience of a key chart level removed some downward pressure, while the return of Chinese buyers to the market also lent support. Spot gold was up 0.5% at $1,281.52 an ounce at early trade. In other metals, silver was up 0.6% at $16.88 an ounce.