Gold gallops on sustained buying, silver moves up

MUMBAI: Gold prices galloped at the bullion market here on Thursday on sustained buying by investors and stockists amidst jewellery offtake due to marriage season.

Silver also improved on industrial buying support. Standard gold of 99.5 per cent purity rallied by Rs 265 to end at Rs 29,135 per 10 grams from Wednesday's close of Rs 28,870.

Pure gold of 99.9 per cent purity also surged by Rs 270 to close at Rs 29,260 per 10 grams from Rs 28,990 yesterday. Silver ready (.999 fineness) moved up by Rs 45 to finish at Rs 56,510 per kg from Rs 56,465 previously.

In New York, gold rose on weak dollar amidst safe haven buying following concerns over eurozone crisis ahead of European Union summit.

Gold for February delivery rose USD 13 to USD 1,744.80 an ounce on the Comex division of the NYMEX late yesterday. March Silver contract eased 12 cents to USD 32.63 an ounce.