Gold, silver surge on domestic demand, firm global cues

New Delhi, PTI | Updated : 22 October 2013, 12:36 AM

Gold prices rose further by Rs. 240 to Rs. 31,890 per ten grams on Monday, thanks to sustained buying by stockists for the festival and marriage season, amid a firm global trend.

Silver also rebounded by Rs. 850 to Rs. 49,350 per kg on increased off-take by industrial units and coin makers.

Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.

Firm global trend where gold climbed to two-week high also supported the upsurge in both gold and silver prices, they said.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.4 per cent to $1,322.05 an ounce and silver by 1.6 per cent to $22.28 an ounce.

In addition, shifting of funds from weakening equity to rising bullion also influenced the sentiment to some extent, they added.

On the domestic front, gold of 99.5 per cent purity climbed by Rs. 240 to Rs 31,690 per ten grams, respectively. It had gained Rs. 150 in the previous session.

Although, sovereign remained steady at Rs. 25,200 per piece of eight grams in limited deals.

In line with a general firm trend, weekly-based delivery of silver rebounded by Rs. 900 to Rs. 49,100 per kg. The white metal had lost Rs. 300 in Saturday’s trade.

Silver coins also spurted by Rs. 1,000 to Rs. 87,000 for buying and Rs. 88,000 for selling of 100 pieces on hectic festival and wedding season demand.

First Published: Tuesday, October 22, 2013 12:35 AM
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