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Gold surges to regain 20K per ten grams level

Mumbai: Gold prices surged to regain the psychological Rs 20,000 per ten grams mark at the bullion market here on Saturday on emergence of heavy speculative buying, driven by overnight strong global rebound.

Silver also witnessed a similar rally on hectic demand from stockists and traders.

"The sudden turning the table for the demand in precious metals, as prices rebounded at overseas markets due to panic buying in view of unrest in Egypt which spurred safety buying," traders said.

Standard gold (99.5 per cent purity) shot up by Rs 345 per 10 grams to finish at Rs 20,005 from Friday`s closing level of Rs 19,660.

Pure gold (99.9 per cent purity) hardened by Rs 335 per ten grams to end at Rs 20,095 from Rs 19,760 previously.

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