Gold, silver spurt on firm global cues

Posted By: Pti
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New Delhi, Jan 29 (PTI) Both the precious metals,silver and gold spurted on the bullion market today on freshbuying support by stockists and jewellers for the ongoingmarriage season, triggered by a rally in their pricesoverseas.

While silver jumped up by Rs 1,600 to Rs 43,300 per kg,gold rose by Rs 360 to Rs 20,320 per 10 grams.

Trading sentiments turned bullish as metal rebounded inglobal markets as a steep fall in last two sessions attractedinvestors to park their funds.

The gold in overseas markets, which normally sets a pricetrend on the domestic front here, rallied by USD 23.50 to USD1,338.40 an ounce.

Some local buying support at existing lower levels forthe ongoing marriage season also enthused the tradingsentiment.

On the domestic front, gold of 99.9 and 99.5 per centpurity surged by Rs 360 each to Rs 20,320 and Rs 20,200 per 10grams, respectively. The metal lost Rs 360 in yesterday''strade. Sovereign followed suit and recovered by Rs 50 to Rs16,750 per piece of eight grams.

In line with a general firming trend, silver readysky-rocketted by Rs 1,600 to Rs 43,300 per kg and weekly-baseddelivery by Rs 1,510 to Rs 43,000 per kg.

Silver coins also gained Rs 500 to Rs 48,500 for buyingand Rs 48,600 for selling of 100 pieces.

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