Gold, silver hit 1-1/2 month high on global cues

Mumbai: Gold bounced back sharply to over one-and-half month highs on investors offtake following a spike in international markets. Silver also witnessed a speculative jump after its overnight slump to reclaim 36,000 per kg level. Globally, the yellow metal hits its highest in nearly five weeks in early European trade after meeting minutes from the US Federal Reserve suggested policymakers were in no hurry to raise interest rates, as the lagging inflation and weak global economy posed risks to big to commit to a rate hike.

Standard gold (99.5 purity) spurted by Rs 465 to close at Rs 26,350 per 10 grams (the rate not seen since June 30) Wednesday closing level of Rs 25,885. Pure gold (99.9 purity) also rallied by a similar margin of Rs 465 to conclude at Rs 26,500 per 10 grams as compared to Rs 26,035 previously. Silver (.999 fineness) zoomed by a whopping Rs 1,165 to finish at Rs 36,795 (the rate not seen since June 29) as against Rs 35,630 previously. On the global front, spot gold was hit higher by USD 1,141.75 an ounce (highest since July 17) in early European trade, and spot silver also shot-up at USD 15.34.an ounce.