Gold, silver surge on global cues, brisk buying support

New Delhi, Feb 4 (PTI) Both the precious metals, silverand gold surged on the bullion market today, largely on briskbuying support by stockists and retailers for the ongoingmarriage season amid firm global trends.

While silver spurted by Rs 800 to Rs 44,400 per kg, goldjumped up by Rs 295 to Rs 20,395 per 10 grams.

Traders said reports of a rising trend in New York mainlypushed up gold prices here.

Also, gold rose by USD 20.60 to USD 1,356.60 an ounce inoverseas markets, fuelling the uptrend in domestic prices.

Shifting of funds from weak equities to rising bullionalso influenced the trading sentiment to some extent, theysaid.

On the domestic front, silver ready spurted by Rs 800 toRs 44,400 per kg and silver weekly-based delivery by Rs 765 toRs 44,100 per kg. Silver coins remained flat at Rs 48,500 forbuying and Rs 48,600 for selling of 100 pieces.

Gold of 99.9 and 99.5 per cent purity shot up by Rs 295and Rs 275 to Rs 20,395 and Rs 20,275 per 10 grams,respectively. The metal had lost Rs 150 yesterday.

Sovereign also gained Rs 50 to Rs 16,800 per piece ofeight grams.