Gold up Rs115, silver Rs600 on seasonal demand, global cues

With gold gaining Rs115 and silver Rs600, the bullion market today saw both the precious metals sparkling driven by marriage season demand amid firm global cues.

The yellow metal shot up by Rs115 to touch the Rs22,745 per 10 grams mark and silver soared by Rs600 to Rs 54,150 per kg.

Trading sentiment turned bullish as gold rose overseas after the dollar weakened against the euro, boosting the appeal of the precious metals as an alternative asset, dealers said.

Moreover, pick-up in local buying in view of marriage season further fuelled the uptrend, they added.

Gold in global markets, which normally sets the price trend on the domestic front, rose by $8.80 to $1,538.70 an ounce.

On the domestic front, silver ready surged by Rs600 to Rs54,150 per kg and weekly-based delivery by Rs660 to Rs53,810 per kg. Silver coins spurted by Rs1,000 to Rs62,000 for buying and Rs63,000 for sale of 100 pieces.

Similarly, gold of 99.9 and 99.5% purity shot up by Rs115 each to Rs22,745 and Rs22,625 per 10 grams, respectively.

However, sovereign continued to be asked around previous level of Rs18,700 per piece of eight grams.