Gold up by Rs 535, silver by Rs 1,770 on strong global cues

New Delhi, Jan 27: Gold surged by Rs 535 to Rs 28,305 per 10 grams on Friday on frantic buying by stockists and jewellers for the marriage season, amid a sharp rally in global markets. Silver followed suit and spurted by Rs 1,770 to Rs 56,970 per kg on increased offtake by industrial units and coins manufacturers.

The Trading sentiment for gold bolstered as it rose to a seven-week high in global markets as the US Fed keeping the borrowing costs low drove the dollar down, increasing demand for bullion as alternative assets.

Last night in New York, gold gained 1.6 per cent to USD 1,729.90 an ounce, the highest since December 7 and silver by 1.9 per cent to USD 33.74 an ounce. In addition, fresh buying by jewellery-makers and retailers for the marriage season further fuelled the upswing in precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 535 each to Rs 28,305 and Rs 28,165 per 10 grams, respectively. Sovereigns gained Rs 50 to Rs 23,350 per piece of eight grams. In a similar fashion, silver ready spurted by Rs 1,770 to Rs 56,970 per kg and weekly-based delivery by Rs 625 to Rs 56,400 per kg.

Silver coins held steady at Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.

PTI