Indian Commodity Gold,Siver Market Latest News & Updates

Gold prices bounced back strongly and hit nearly two-week high at the bullion market here today on renewed off-take by stockiest and traders amidst positive cues from overseas markets.

Gold traders in India, the world's biggest buyer of the metal, refrained from fresh purchases as prices climbed to their highest level in more than two weeks.

Standard Gold of 99.5 per cent purity spurted by Rs 430 to finish at Rs 26,640 per 10 gm from Wednesday's closing level of Rs 26,210.

Pure Gold of 99.9 per cent purity also climbed up by a similar margin to end at Rs 26,775 per 10 gm from Rs 26,345.

Silver ready (.999 fineness) rose by Rs 850 to close at Rs 41,860 per kg from Rs 41,010 previously.

Silver also recovered on hectic speculative buying coupled with good industrial demand.

Bullion has gained 5 percent so far this week, on course for its largest weekly climb since October 2011.

Comex gold and silver were also trading near multi-week highs hit on Thursday.

Investors pulled $998.8 million from commodities and precious metals funds, up from withdrawals of $92.6 million the prior week, data from Thomson Reuters' Lipper service showed on Thursday.

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