Gold surges on fresh buying as ?auspicious? week starts

Tracking strong global cues gold prices on Tuesday surged by Rs 300 to close at Rs 13,400 per ten gram in the bullion market here on brisk buying by retailers with the on the first day of ‘Navratras’.

The precious metal picked up among retail customers and jewellers with the beginning of ‘Navratras’, an auspicious period for making any fresh purchases.

Trading sentiment also turned bullish on the back of a firming trend in global markets where the precious metal rose to two months high after the US House of Representatives rejected a bailout bill for the US Banking system, stoking concern of a worsening credit crisis. Standard gold and ornaments shot up by Rs 300 each at Rs 13,400 and Rs 13,250 per ten gram respectively. Sovereign, on the other hand, held unchanged at Rs 10,500 per piece of eight gram.

In the global markets gold advanced to $925.10 an ounce yesterday, the highest since July 31.

A similar firming trend was noticed in Silver as industrial units such as electronic circuits manufacturers indulged in buying. Silver ready rose by Rs 210 at Rs 21.000 per kg while weekly-based delivery fell by Rs 45 at Rs 20,945 per kg.

Silver coins shot up by Rs 200 at Rs 28,400 for buying and Rs 28,500 for selling of 100 pieces.