Gold, silver surge on wedding demand, firm global cues

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SummaryBoth the precious metals, gold and silver, rose today on brisk buying by stockists.

Both the precious metals, gold and silver, rose today on brisk buying by stockists following pick up in demand at lower levels amid a firm global trend.

While gold climbed by Rs 275 to Rs 31,700 per 10 grams, silver gained Rs 600 to Rs 61,300 per kg on increased offtake.

Traders said brisk buying by stockists on pick up in demand at existing lower levels amid a firm global trend on optimism US lawmakers will reach agreement on the budget to avert automatic spending cuts, mainly led to the upsurge in both gold and silver prices.

In Singapore, gold rose by 0.3 per cent to USD 1,703.35 an ounce and silver by 0.5 per cent to USD 32.43 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity spurted by Rs 275 each to Rs 31,700 and Rs 31,500 per 10 grams respectively, while sovereigns held steady at Rs 25,500 per piece of eight grams.

In a similar fashion, silver ready spurted by Rs 600 to Rs 61,300 per kg and weekly-based delivery by Rs 400 to Rs 61,850 per kg. Silver coins also climbed Rs 2,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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