Commodities

Gold, silver surge on global cues, buying support

PTI New Delhi | Updated on February 04, 2011

Both the precious metals, silver and gold, surged at the bullion market today, largely on brisk buying support by stockists and retailers for the ongoing marriage season amid firm global trend.

Silver spurted by Rs 800 to Rs 44,400 per kg, while gold jumped up by Rs 295 to Rs 20,395 per 10 grams.

Traders said reports of a rising trend in New York mainly pushed up gold prices here. Also, gold rose $20.60 to $1,356.60 an ounce in the overseas markets, fuelling the uptrend in domestic prices.

Shifting of funds from weak equities to rising bullion also influenced the trading sentiment to some extent, they said.

At the domestic front, silver ready spurted by Rs 800 to Rs 44,400 per kg and silver weekly-based delivery by Rs 765 to Rs 44,100 per kg. Silver coins remained flat at Rs 48,500 for buying and Rs 48,600 for selling of 100 pieces.

Gold of 99.9 and 99.5 per cent purity shot up by Rs 295 and Rs 275 to Rs 20,395 and Rs 20,275 per 10 grams, respectively. The metal had lost Rs 150 in the previous session.

Sovereign also gained Rs 50 to Rs 16,800 per piece of eight grams.

Published on February 04, 2011

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