Gold, silver rise on global cues, seasonal demand

Both the precious metals, silver and gold surged in the national capital today on hectic buying by jewellers to meet the seasonal demand amid firming global trend.

While gold rose by Rs 25 to its highest so far at Rs 19,945 per ten grams, silver jumped by Rs 400 to Rs 35,800 per kg.

Market sentiment remained bullish afer gold in overseas markets traded higher, as falling dollar boosted demand for the precious metals as an alternative asset and a store of value.

The precious metals also rose on sustained buying by retail customers for the ongoing festivals of 'Navratras' and marriage season. Increased offtake by industrial units and coins makers was another factor for the upshift in silver prices.
    
Gold in global markets rose by  $7.10 to $1,357.60 an ounce, while silver inched up by 0.4 per cent to a 30-year high of $23.41 an ounce.
    
At home, gold of 99.9 and 99.5 per cent purity rose further for the third straight day and added Rs 25 each to set a new peak of Rs 19,945 and Rs 19845 per ten grams respectively.
    
However, sovereign remained steady at Rs 15,650 per piece of eight gram in limited deals. Silver ready surged by Rs 400 to Rs 35,800 per kg and weekly-based delivery by Rs 420 to Rs 35,150 per kg on speculator's support.
    
Silver coins continued to trade at precious levels of Rs 35,800 for buying and Rs 35,900 for selling of 100 pieces.