Gold up Rs 420, silver by Rs 1,400 on strong spot demand

Feb 08 2012, 16:22 IST
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SummarySilver spurted by Rs 1,400 to Rs 57,300 per kg on increased offtake by industrial units and jewellers.

Continuing an upward rally for the third straight session, both gold and silver today gained on increased buying by stockists and jewellers for the marriage season amid a firming global trend.

While gold surged Rs 420 to Rs 28,530 per 10 grams, silver spurted by Rs 1,400 to Rs 57,300 per kg on increased offtake by industrial units and jewellers.

The trading sentiment bolstered after gold recorded its biggest gain in two weeks in global markets on increased haven demand as Greek Prime Minister Lucas Papademos struggled to secure agreement to a second bailout.

In Singapore, gold rose 0.4 per cent to USD 1,751.96 an ounce and silver by 0.3 per cent to USD 34.23 an ounce.

In addition, increased buying by stockists and jewellers for the ongoing marriage season also supported by upsurge in the precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 420 each to Rs 28,530 and Rs 28,390 per 10 grams, respectively. The metal had gained Rs 70 in the last two trading sessions. Sovereigns followed suit and rose by Rs 100 to Rs 23,450 per piece of eight grams.

In a similar fashion, silver ready spurted by Rs 1,400 to Rs 57,300 per kg and weekly-based delivery gained Rs 300 to Rs 56,700 per kg. It had gained Rs 250 in last two sessions.

Silver coins jumped up by Rs 3,000 to Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.

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