Gold, silver surge on festive demand, global cues

New Delhi, Oct 16: Gold prices rose further by Rs 190 to Rs 27,840 per ten grams in the national capital today on sustained buying by jewellers and retailers amid festive season demand and weakening rupee.

Silver also recovered by Rs 100 to Rs 38,900 per kg on increased offtake by industrial units and coin makers. Marketmen said increased buying by jewellers and retailers to meet the festive season demand amidst a firming global trend mainly kept precious metals higher.

Besides, depreciating rupee which weakened to one-week low of 61.59 (intra-day) against the dollar, making imports costlier, too influenced gold prices, they said.

Gold in New York, which normally sets price trend on the domestic front, rose 0.72 per cent to trade at five-week high of USD 1,241.10 an ounce and silver by 0.32 per cent to USD 17.45 an ounce in yesterday's trade.

In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs 190 each to Rs 27,840 and Rs 27,640 per ten grams, respectively. It had gained Rs 70 in yesterday's trade. Sovereign followed suit and gained Rs 100 to Rs 24,300 per piece of eight gram.

Silver ready rebounded by Rs 100 to Rs 38,900 per kg and weekly-based delivery by Rs 105 to Rs 38,870 per kg, while silver coins held steady at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.

PTI