Gold up Rs 420, silver by Rs 1100 on wedding season

New Delhi: Both the precious metals, gold and silver, surged today on sustained buying for the ongoing marriage season amid a firming global trend. While gold rose for the fourth straight day by adding Rs 420 to Rs 28,410 per 10 grams, silver gained for the second day by adding Rs 1,100 to Rs 57,100 per kg.

Trading sentiments remained bullish on sustained buying by retailers and jewellers for the ongoing marriage season, in addition to a firming global trend.

In global markets, gold rose as equities rebounded, signalling investors won`t have to sell the metals to cover losses in other markets. In New York, it jumped up by 1.6 per cent to USD 1,756.90 an ounce and silver by 1.8 per cent to USD 34.56 an ounce.

On the domestic front, gold of 99.9 and 95.9 per cent purity shot up by Rs 420 each to Rs 28,410 and Rs 28,270 per 10 grams, respectively. The metal has advanced by Rs 450 in last three sessions. Sovereigns also rose by Rs 100 to Rs 22,200 per piece of eight grams.

In line with general firming trend, silver ready spurted by Rs 1,100 to Rs 57,100 per kg and weekly-based delivery by Rs 350 to Rs 56,850 per kg. Silver coins zoomed by Rs 2,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.