Gold climbs Rs 220, silver Rs 1,000 on festive demand

While gold spurted by Rs 220 to Rs 30,520 per 10 grams, silver shot up by Rs 1,000 to Rs 54,000 per kg on increased offtake by jewellers and industrial units.

Silver coins followed suit and rose by Rs 1,500 to Rs 63,500 for buying and Rs 64,500 for selling of 100 pieces.

Traders said sentiment turned bullish on buying by stockists and jewellers for the coming festival and marriage season.

A firming trend in the global markets also influenced the sentiments.

In London, gold rose by USD 1.30 to USD 1,623.20 an ounce and silver by 0.25 per cent to USD 28.25 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged Rs 220 each to Rs 30,520 and Rs 30,320 per 10 grams, respectively.

Sovereign followed suit and rose by Rs 50 to Rs 24,500 per piece of eight grams.

In a similar fashion, silver ready climbed by Rs 1,000 to Rs 54,000 per kg and weekly-based delivery by Rs 960 to Rs 54,195 per kg.