Silver rallies Rs 300 global cues, gold steady at Rs 30,750

Globally, silver rose 0.69% to $16.84 an ounce and gold 0.34% to $1,286.70

Silver rallied by Rs 300 to Rs 40,800 per kg at the bullion market on Friday, backed by a firm trend overseas and increased offtake by industrial units.

Gold, however, held steady at Rs 30,750 per 10 gram in scattered deals.

Traders attributed the rebound in silver prices to positive global cues and pick-up in demand from industrial units at the domestic spot market.

Globally, silver rose 0.69 per cent to $16.84 an ounce and gold 0.34 per cent to $1,286.70 an ounce in New York in yesterday's trade.

In the national capital, silver ready traded higher by Rs 300 to Rs 40,800 per kg and weekly-based delivery Rs 75 to Rs 39,740 per kg.

Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purity ruled flat at Rs 30,750 and Rs 30,600 per 10 gram, respectively. The precious metal had lost Rs 250 yesterday.

Sovereign too held steady at Rs 24,700 per piece of eight gram.