Gold surges on heavy buying; silver recovers

Mumbai, Sept 10: Gold prices continued to surge at the domestic bullion market here today (Sep 10) on heavy speculative and investment buying amidst firm global market.

Silver recovered moderately on fresh stockist as well as industrial demand. Standard gold (99.5 purity) spurted by Rs 445 per 10 grams to end at Rs 28,140 from Friday's closing level of Rs 27,695.

Pure gold (99.9 purity) rallied by Rs 440 per 10 grams to close at Rs 28,275 from Rs 27,835. Silver ready (.999 fineness) rose by Rs 320 per kilo to finish at Rs 64,700 as against Rs 64,380 previously.

In New York, gold edged higher as stocks slumped amidst renewed fears of European sovereign debt concerns.

Gold for December delivery gained to conclude at USD 1,859.50 an ounce on the Comex division of the NYMEX on Friday, while silver December contract moved down to USD 41.62 an ounce.

PTI