Gold soars to 23-K level on global cues, silver gallops

MUMBAI: Gold prices zoomed to cross the psychological Rs 23,000-mark per 10 grams, at the domestic bullion market on Monday on consistent buying by stockists and investors triggered by bullish global trend.

Silver also galloped tracking gold on hectic speculative build up on the back of firm industrial demand.

Standard gold (99.5 purity) rose by Rs 290 per 10 grams to close at Rs 23,180 from last Friday's closing level of Rs 22,890.

Pure gold (99.9 purity) also shot up by Rs 275 per 10 grams to finish at Rs 23,285 as against Rs 23,010 previously.

Silver ready (.999 fineness) spiked by Rs 2,360 per kg to conclude at Rs 59,135 from Rs 56,775 last weekend.

In Europe, the yellow metal jumped to record highs above USD 1,600 an ounce as panicky investors went for safe haven buying spree on the back of worrisome euro zone debt crisis and the threat of a US default.

Spot gold was bid at USD 1,601.28 an ounce in early trade and silver was bid at USD 40.22 an ounce.