Gold, Silver gain on bullish outside markets

KARACHI – Gold rallied by Rs 95 to Rs 30,075 per ten gram at the bullion market here on Monday on the back of positive global cues amid increased buying by local jewellers. Silver firmed up modestly by Rs 5 per kg to Rs 37,925 on mild demand from industrial units. Standard gold (99.5 percent purity) climbed by Rs 95 to end at Rs 30,075 per 10 grams from last Friday’s closing level of Rs 29,980. Pure gold (99.9 percent purity) also moved up by the similar amount to close at Rs 30,225 per 10 grams compared to Rs 30,130, previously. Silver (.999 fineness) gained by Rs 5 to finish at Rs 37,925 per kg as compared to Rs 37,920 earlier. Globally, gold prices rose as the dollar slipped, but gains are expected to be capped ahead of inflation data from the United States this week that could mean US interest rates increase more quickly than expected. Spot gold was up 0.4 percent at USD 1,321.16 an ounce at early trade. Silver gained 0.6 percent to USD 16.44 an ounce.