Gold, silver surge on wedding season buying, global cues

Gold staged a strong recovery today by surging Rs 320 to Rs 30,710 per 10 grams in the national capital on emergence of buying by stockists to meet the ongoing wedding season demand amid a firming trend overseas.

Silver also snapped its three-day falling streak and spurted by Rs 1,050 to Rs 42,700 per kg on increased offtake by industrial units and coin makers. The white metal had lost Rs 1,750 in the previous three sessions.

Traders attributed the rebound in precious metals to buying by stockists for the ongoing wedding season demand.

Besides, a firming global trend where gold advanced the most since mid-March as tensions between Russia and Ukraine increased, boosting demand for the precious metal as a safe haven, also boosted the sentiment here, they said.

Gold in New York, which normally sets the price trend on the domestic front, rose 1.5% to $1,302.90 an ounce, the biggest gain since March 12 and silver by 2.6% to $19.54 an ounce, the biggest gain since February 14.

In Delhi, gold of 99.9 and 99.5% purity spurted by Rs 320 each to Rs 30,710 and Rs 30,510 per 10 grams, respectively. It had lost Rs 195 yesterday.

Sovereign followed suit and rose by Rs 100 to Rs 25,100 per piece of eight grams.

Silver ready recorded by a whopping rise of Rs 1,050 to Rs 42,700 per kg and weekly-based delivery by Rs 1,105 to Rs 42,080 per kg.

On the other hand, silver coins remained steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.