Gold, silver surge on global rally

Mumbai, Feb 15 (PTI) Gold prices rebounded smartly at thebullion market here today due to fresh buying by stockists andjewellery makers sparked by buoyancy at the global markets.

Silver also jumped on sustained speculative build-upamidst strong industrial offtake.

Standard gold (99.5 per cent purity) spurted by Rs 195per 10 grams to close at Rs 20,350 from Monday''s closing levelof Rs 20,155.

Pure gold (99.9 per cent purity) rose by Rs 190 per 10grams to conclude at Rs 20,450 as compared to Rs 20,260yesterday.

Silver ready (.999 fineness) shot up by Rs 755 per kg tofinish at Rs 46,900 from overnight closing level of Rs 46,145.

In New York, Gold gained on fears of Egypt unrest couldspread across Arab world, while silver rose on higherindustrial demand driven by signs of an improving economy.

Spot gold rose to USD 1,360.85 an ounce, while silvergained at USD 30.51 an ounce.