Gold spurts on fresh buying driven by global trend

Gold prices surged by Rs 430 to Rs 27,480 per ten gram in the national capital on Thursday on stockists buying driven by a firming global trend.

After gaining Rs 100 in the previous session, gold shot up as its prices regained the $1,400 level after one week, boosting investor demand.

Gold price in Singapore, which normally sets price trend on the domestic front, rose 1.3 per cent to $1,411.27 an ounce, the most expensive since May 22. Silver gained 0.5 per cent to $22.59 an ounce.

A firming trend was also extended in silver on increased buying by industrial units and coin makers, lifting the prices by Rs 660 to Rs 44,600 a kg, after losing Rs 60 yesterday.

In the capital, gold of 99.9 and 99.5 per cent purity rose Rs 430 each to Rs 27,480 and Rs 27,280 per ten gram, respectively.

Sovereign also rose by Rs 100 to Rs 23,800 per piece of eight gram. Silver ready shot up by Rs 660 to Rs 44,600 per kg and weekly-based delivery by Rs 610 to Rs 43,820 per kg on increased buying by speculators. However, silver coins held unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.