Gold, silver surge on seasonal demand

New Delhi: Both the precious metals, gold and silver kick started the week on a positive note today, on brisk buying by stockists and jewellers for the ongoing marriage season amid a firming global trend.

While gold surged by Rs 240 to Rs 29,180 per 10 grams, silver rose by Rs 700 to Rs 55,900 per kg on pick-up in demand from jewellers and industrial units.

The trading sentiment turned bullish on heavy buying by retail customers for the ongoing marriage season and stockists creating fresh positions to meet the demand from jewellers.

The firming trend was further supported, as gold gained in Asia on report that the International Monetary Fund preparing a loan for Italy strengthened the euro against the dollar.

Gold in global markets, which normally sets the price trend on the domestic front, rose by 1.4 per cent to USD 1,707.13 an ounce in Singapore.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 240 each to Rs 29,180 and Rs 29,040 per 10 grams, respectively, while sovereigns held stable at Rs 23,300 per piece of eight grams.

In a similar fashion, silver ready rose by Rs 700 to Rs 55,900 per kg and weekly-based delivery by Rs 650 to Rs 55,000 per kg. On the other hand, silver coins remained steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.