Gold glitters; silver recovers on global cues

While gold shot up by Rs 155 to Rs 31,145 per 10 gm, silver rose by by Rs 740 to Rs 57,740 per kg.

Traders said fresh buying by stockists for the ensuing marriage season amid a firming global trend mainly pushed up both the precious metal prices on the first trading day of 2013.

Gold in global markets, which usually set price trend in the domestic market here, shot up by USD 18.90 to USD 1,675.20 an ounce and silver by 1.07 per cent to USD 30.35 an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity climbed by Rs 155 each to Rs 31,145 and Rs 30,945 per 10 gm, respectively, while sovereign held steady at Rs 25,450 per piece of eight gram.

In tune with rising, silver ready rebounded by Rs 740 to Rs 57,740 per kg, while weekly-based delivery declined by Rs 55 to Rs 57,800 per kg on lack of support.

However, silver coins continued to be asked around previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.