Gold surges to Rs 19,920 per ten gms on festive demand

Gold here surged towards the psychological Rs 20,000 level today, rising by Rs 105 to Rs 19,920 per ten grams, on sustained buying by stockists and jewellers to meet the seasonal demand.

However, silver slipped from its record high, falling by Rs 200 to Rs 35,400 per kg, on reduced offtake by industrial units at existing higher levels.

Market analysts said sustained buying by stockists and jewellers to meet festival and marriage season demand led to the rise in gold prices.

They said the precious metal could cross the crucial levels in today's trading but a weak trend in global markets capped its gains.

 

Gold in global markets, which normally set a price trend on the domestic front, fell by $10.30 to $1,343.60 an ounce.

On the domestic front, the gold of 99.9 and 99.5 per cent purity rose by Rs 105 each to Rs 19,920 and Rs 19,820 per ten grams respectively. They had surged to Rs 19,900 on October 7, its highest so far.

Sovereign also rose by Rs 50 to set a new peak of Rs 15,650 per piece of eight gram.

On the other hand, silver ready fell by Rs 200 to Rs 35,400 per kg, while silver weekly-based delivery was down by Rs 100 to Rs 34,730 per kg.

However, silver coins were up by Rs 100 to Rs 35,800 for buying and Rs 35,900 for selling of 100 pieces on festival demand.