Gold, silver surge on firm global cues, local demand

Both the precious metals, silver and gold prices rose in the national capital today on brisk buying by stockists and jewellers to encash on the ongoing marriage season, amid firming global trends. 

While silver spurted by Rs 300 to Rs 44,300 per kg on increased offtake by industrial units, gold added Rs 50 to Rs 20,630 per 10 grams on local demand.

Trading sentiments for gold bolstered after it gained in overseas markets as concerns that the European sovereign-debt crisis may linger, raising demand for precious metals as a alternate investment. 

Gold in international markets, which normally sets a price trend on the domestic front, climbed 0.2 per cent to $1,364.93 an ounce.

On the domestic front, silver ready surged by Rs 300 to Rs 44,300 per kg and weekly-based delivery by Rs 180 to Rs 43,980 per kg.

However, silver coins lacked necessary buying support at prevailing higher levels and lost Rs 100 to Rs 50,400 for buying and Rs 50,500 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5 per cent purity strengthened by Rs 50 each to Rs 20,630 and Rs 20,510 per 10 grams, respectively. The metal had gained Rs 45 in the previous session.  

Meanwhile, sovereign continued to be asked around previous level of Rs 16,900 per piece of eight grams in limited deals.