Gold, silver climb on festive demand, global cues

New Delhi, Aug 9: Both the precious metals,

and

, rose today on fresh buying by stockists and jewellers for the festive season amid a firming global trend.

While gold shot up by Rs 120 to Rs 30,200 per 10 grams, silver rose by Rs 300 to Rs 53,800 per kg on increased offtake by stockists and jewellers. Sentiment turned better after gold reached a one-week high in overseas markets on expectations the central banks might take steps to bolster global economy.

Gold in London, which normally sets the price trend on the domestic front, rose by 0.2 per cent to USD 1,615.19 an ounce and silver by 0.4 per cent to USD 28.15 an ounce.

In addition buying for the festive season and some investors seen shifting their funds from weakening equities to bullion further supported the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity shot up by Rs 120 each to Rs 30,200 and Rs 30,000 per 10 grams, respectively, while sovereigns held steady at Rs 24,450 per piece of eight grams. Similarly, silver ready climbed by Rs 300 to Rs 53,800 per kg and weekly-based delivery by Rs 355 to Rs 53,600 per kg.

Silver coins also spurted by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

PTI