Gold, silver spurt on firm global cues

PTI New Delhi | Updated on January 30, 2011 Published on January 29, 2011

Gold jewellery prices have been increasing. File Photo -Mohammed Yousuf   -  The Hindu

Both the precious metals, silver and gold spurted on the bullion market on Saturday on fresh buying support by stockists and jewellers for the ongoing marriage season, triggered by a rally in their prices overseas. While silver jumped up by Rs 1,600 to Rs 43,300 a kg, gold rose by Rs 360 to Rs 20,320 for 10 grams.

Trading sentiments turned bullish as metal rebounded in global markets as a steep fall in last two sessions attracted investors to park their funds.

The gold in overseas markets, which normally sets a price trend on the domestic front here, rallied by $23.50 to $1,338.40 an ounce.

Some local buying support at existing lower levels for the ongoing marriage season also enthused the trading sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 360 each to Rs 20,320 and Rs 20,200 for 10 grams, respectively. The metal lost Rs 360 in yesterday’s trade. Sovereign followed suit and recovered by Rs 50 to Rs 16,750 for a piece of eight grams.

In line with a general firming trend, silver ready skyrocketed by Rs 1,600 to Rs 43,300 a kg and weekly-based delivery by Rs 1,510 to Rs 43,000 a kg.

Silver coins also gained Rs 500 to Rs 48,500 for buying and Rs 48,600 for selling of 100 pieces.

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Published on January 29, 2011
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