Gold up by 450,Silver Surges by 600 on Firm Global Cues


New Delhi: Both gold and silver extended gains in the national capital today on sustained buying by stockists, driven by firm global trends. While gold surged by 450 to 28,610 per 10 grams, silver went up by 600 to 65,000 per kg. Buying activity in the precious metals picked up after gold gained in London as concerns about deepening European debt crisis spurred demand for the metal as a protection of wealth. Gold in global markets, which normally sets the price trend on the domestic front, rose by $11.60 to $1,823.47 an ounce in London. Traders said sustained buying by stockists for the coming marriage season and reports of a firm trend in overseas markets mainly pushed up both gold and silver prices. Investors shifting their funds from weak equities to rising bullion further supported the uptrend, they added. On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by 450 each to 28,610 and 28,460 per 10 grams, respectively. The metal had gained 420 in the previous session. Sovereign followed suit and rose by 100 to 22,800 per piece of eight grams. In a similar fashion, silver ready spurted by Rs 600 to Rs 65,000 per kg and weekly-based delivery by 645 to 65,095 per kg, respectively on increased buying by industrial units. The metal had surged 1,100 on Saturday. Silver coins also rose by 1,000 to 73,000 for buying and 74,000 for selling of 100 pieces.
Source: PTI