Gold, silver climb on global cues

Source: PTI

Gold prices surged by Rs.180 to Rs.29,430 per ten grams at the bullion market on Saturday, tracking a firm global trend and pick up in buying by jewellers and retailers amid wedding season demand. Silver prices also edged up by Rs.50 to Rs.38,700 per kg on higher demand from industrial units and coin makers.

Traders said that besides firming trend in bullion rates overseas, there was rise in demand by jewellers and retailers in the domestic market largely on account of weddings. Globally, gold rose 0.7 per cent to $1,234.60 an ounce in New York in Friday's trade as disappointing US economic data revived safe-haven demand.

In the national capital, gold of 99.9 and 99.5 per cent purity strengthened by Rs.180 each to Rs.29,430 and Rs.29,280 per ten grams respectively. Sovereign, however, traded lower by Rs.100 to Rs.23,000 per piece of eight gram.

In a similar fashion, silver ready rose by Rs.50 to Rs.38,700 per kg, while weekly-based delivery declined by Rs.55 to Rs.38,505 per kg. On the other hand, silver coins traded at previous level of Rs.58,000 for buying and Rs.59,000 for selling of 100 pieces.