Gold extends gains on buoyant global cues, silver shoots up

MUMBAI: Precious gold maintained its renewed strong buying momentum for the third straight session at the domestic bullion market here today on the back of robust demand from stockists and investors amid bullish overseas sentiment.

The industrial metal too jumped on frantic speculative buyout coupled with higher industrial off-take.

Standard gold of 99.5 per cent purity rose by Rs 85 to end at Rs 30,730 per 10 grams from overnight closing level of Rs 30,645.

Pure gold of 99.9 per cent purity also strengthened by a similar margin to conclude at Rs 30,870 per 10 grams, as against Rs 30,785.

Silver ready (.999 fineness) galloped by Rs 810 per kg to finish at Rs 58,850 from Tuesday's close of Rs 58,040.

On global front, gold touched a fresh two-week high triggered by a global commodity rally after the US lawmakers approved a deal to avoid the so-called " fiscal cliff" crisis.

Spot gold bid higher at $ 1,682.7 an ounce in early trade and spot silver up by 1.75 per cent to $ 30.81 an ounce.