Gold, silver surge on global cues, fresh local buying support

Both the precious metals, silver and gold spurted on the bullion market today on fresh buying support by stockists and jewellery makers for the marriage season amid firm global trend.

While silver spurted by Rs850 to Rs42,650 per kg on increased offtake by industrial units, gold jumped up by Rs180 to Rs20,320 per ten grams on fresh buying for the ongoing marriage season.

Trading sentiment turned bullish on emergence of buying at existing lower levels to meet the ongoing marriage season demand amid the precious metals in global markets staged a strong comeback.

Gold in global markets, which normally set a price trend on the domestic market, rose by $13.30 to $1,346.10 an ounce in New York last evening.

On the domestic front, silver ready surged by Rs850 to Rs42,650 per kg and weekly-based delivery by Rs990 to Rs42,490 per kg. Silver coins followed suit and shot up by Rs500 to Rs48,500 for buying and Rs48,600 for selling of 100 pieces.

In line with a general firming trend, gold of 99.9 and 99.5% purity jumped up by Rs180 each to Rs20,320 and Rs20,200 per 10 grams, respectively.

However, sovereign remained stable at Rs16,750 per piece of eight gram for want of support.