Gold prices surged Rs 175 to Rs 29,700 per 10 grams at the bullion market today, driven by a firm trend overseas amid fresh buying by local jewellers. Silver also went up by Rs 150 to Rs 38,250 per kg due to increased offtake by industrial units and coin makers.
Traders said better trend overseas amid a steady dollar with investors monitoring the progress of the US tax reform Bill along with pick-up in buying by local jewellers, mainly pushed up gold prices. Globally, gold rose 0.18 per cent to $1,264.20 an ounce and silver by 0.15 per cent to $16.16 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 175 each to Rs 29,700 and Rs 29,550 per 10 grams, respectively. It had shed Rs 25 yesterday. Sovereign, however, held steady at Rs 24,500 per piece of eight grams in limited deals.
Following gold, silver ready traded higher by Rs 150 to Rs 38,250 per kg and weekly-based delivery by Rs 165 to Rs 37,500 per kg. Silver coins too spurted by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.