Gold, silver surge on global cues, pick up in demand

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New Delhi: Both the precious metals silver and gold prices rose on the bullion market on Monday on emergence of stockists buying to meet the seasonal demand amid a firm global trend.

Silver gained Rs 175 to Rs 44,800 per kg on increased offtake by industrial units and coin makers, while gold rose by Rs 50 to Rs 20,650 per 10 grams on local demand.

Trading sentiments turned bullish after gold rallied from the biggest weekly drop since May in global markets as concerns that Europe`s sovereign-debt crisis might worsen spurred demand for a haven.

Gold in global markets, which normally set a price trend on the domestic front, climbed 0.5 per cent to USD 1,376.20 an ounce.

Besides, pick up in local demand in view of marriage season and approaching festivals like `Makar Sakranti` and `lohri` also supported the uptrend, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 50 each to Rs 20,650 and Rs 20,530 per 10 grams, respectively. Sovereign followed suit and gained Rs 50 to Rs 16,950 per piece of eight grams.

In line with a general firming trend, silver ready rose by Rs 175 to Rs 44,800 per kg and weekly-based delivery by Rs 190 to Rs 44,425 per kg.

Silver coins spurted by Rs 300 to Rs 50,500 for buying and Rs 50,600 for selling of 100 pieces.

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