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| Gold surges on firm overseas trend |
| Press Trust of India / New Delhi Apr 08, 2009, 17:35 IST |
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Gold prices soar by Rs 315 to Rs 14,735 per 10 grams in the national capital today on emergence of buying by stockists for the current marriage season and firming overseas trend.
However, silver eased marginally by Rs 20 to Rs 20,930 per kg.
Buying activity picked up as some investors shifted their funds from volatile stock markets to bullion as safe haven. The stock markets moved up and down in the range of nearly 3 per cent today.
Marketmen said the precious metal rose for a second day in London, extending its biggest gain in almost three weeks, as a fall in equities boosted the metal’s appeal as a haven.
The gold in London gained $7.91, or 0.9 per cent to $889.15 an ounce against $876 in the previous session.
They said the investor's money was shifting to bullion, amid a volatility in the global and domestic stock markets.
Standard gold and ornaments surged by Rs 315 each to Rs 14,735 and Rs 14,585 per 10 grams, respectively. Sovereign prices shot up by Rs 200 to Rs 12,300 per piece of eight gram.
On the other hand, silver ready eased by Rs 20 to Rs 20,930 per kg and weekly-based delivery by Rs 110 to Rs 20,670 per kg on lack of support from speculators.
However, silver coins continued to be asked at previous level of Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.
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