Gold surges by Rs 150 on global cues, sustained buying

Rising for the third straight day, gold prices rose by another Rs 150 to Rs 28,350 per 10 grams, tracking positive global cues amid continued buying by local jewellers.
On similar lines, silver advanced by Rs 400 to Rs 39,900 per kg on increased offtake by industrial units and coin makers.
Bullion traders said apart from a firming trend overseas, fresh weakness in dollar raised demand for the precious metal as a safe-haven and persistent buying by jewellers in the domestic market mainly kept gold prices higher.
Globally, gold rose 0.68 per cent to USD 1,149.50 an ounce and silver by 1.16 per cent to USD 16.16 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 150 each to Rs 28,350 and Rs 28,200 per 10 grams, respectively. The precious metal had rallied by Rs 650 in last two days.
Sovereign, however, remained unchanged at Rs 24,000 per piece of eight grams in limited deals.
In step with gold, silver ready rose further by Rs 400 to Rs 39,900 per kg and weekly-based delivery by Rs 455 to Rs 39,770 per kg.
Silver coins, however, remained flat at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.