Gold back at R28,000 levels, silver up R2,300 on global cues

Written by Press Trust of India | New Delhi | Updated: Oct 29 2011, 08:58am hrs
Gold regained the R28,000 per 10 gm mark after a month by adding R110 on Friday, on brisk buying by stockists driven by firming global trend.

Silver also surged by R2,300 to R58,300 per kg on increased offtake by industrial units and speculators.

Gold in global markets, which normally sets the price trend on the domestic front, gained 0.5% to $ 1,752.82 an ounce, the highest level since September 23.

Trading sentiment turned bullish as gold rallied inglobal markets as European leaders agreed on a plan to containthe regions debt crisis.

In addition, pick-up in demand driven by the festive season was another factor behind the rise in gold prices, traders said.

On the domestic front, gold of 99.9 and 99.5% purity rose by R110 each toR28,000 and R27,860 per 10 grams, respectively, while sovereigns held steady at R22,200 per piece of eight grams.

Similarly, silver ready spurted by R2,300 to R58,300 per kg and weekly-based delivery by R 2,280 to R57,780 per kg.

However, silver coins maintained previous level of R65,000 for buying and R66,000 for selling of 100 pieces in limited deals.