Gold, silver surge on firm global cues, local demand

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New Delhi, Jan 18 (PTI) Both the precious metals, silverand gold prices rose in the national capital today on briskbuying by stockists and jewellers to encash on the ongoingmarriage season, amid firming global trends.

While silver spurted by Rs 300 to Rs 44,300 per kg onincreased offtake by industrial units, gold added Rs 50 to Rs20,630 per 10 grams on local demand.

Trading sentiments for gold bolstered after it gained inoverseas markets as concerns that the European sovereign-debtcrisis may linger, raising demand for precious metals as aalternate investment.

Gold in international markets, which normally sets aprice trend on the domestic front, climbed 0.2 per cent to USD1,364.93 an ounce.

On the domestic front, silver ready surged by Rs 300 toRs 44,300 per kg and weekly-based delivery by Rs 180 to Rs43,980 per kg. However, silver coins lacked necessary buyingsupport at prevailing higher levels and lost Rs 100 to Rs50,400 for buying and Rs 50,500 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5 per cent puritystrengthened by Rs 50 each to Rs 20,630 and Rs 20,510 per 10grams, respectively. The metal had gained Rs 45 in theprevious session.

Meanwhile, sovereign continued to be asked aroundprevious level of Rs 16,900 per piece of eight grams inlimited deals.

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