Gold rises Rs 155 as dollar weakens

Gold prices surged on Friday by Rs 155 to Rs 14,975 per 10 gm in the bullion market in New Delhi on aggressive buying by stockists, driven by firming global trend after the dollar weakened against major currencies.

Silver also spurted by Rs 400 to Rs 23,200 a kg. Marketmen said trading sentiment turned bullish after gold, in London, spurted by $13.83 to $973.28 an ounce, the highest since February 25 after the dollar weakened, raising appeal of the precious metal as an alternative investment.

In the national capital, standard gold and ornament prices went up by a whopping Rs 155 each to Rs 14,975 and Rs 14,825 per 10 gm, respectively, while sovereign remained steady at Rs 12,400 per piece of 8 gm on some enquiries. Silver ready continued its upward journey, largely taking cues from global markets, and spurted by Rs 400 to Rs 23,200 a kg and weekly-based delivery by Rs 565 to Rs 23,750 a kg.