Gold, silver prices surge on strong seasonal demand, global cues

Mumbai-India (Feb 15)   Gold prices spurted by Rs 180 to Rs 30,980 per ten grams in the national capital today on brisk buying by stockists and retailers for the ongoing marriage season amid a firming global trend.

Silver surged by Rs 800 to Rs 46,000 per kg on increased offtake by jewellery fabricators and coin makers.

In Mumbai, gold of 99.9 and 99.5 per cent purity rebounded by Rs 170 and Rs 190 to Rs 30,650 and Rs 30,520 per ten grams, respectively. Silver jumped by Rs 1,050 to Rs 46,800 per kg.

Traders said sentiments bolstered as stockists and retailers remained net buyers to meet the ongoing marriage season demand amid a firming global trend where gold traded above USD 1,300.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.6 per cent to USD 1,310.70 an ounce, the highest since November 8 and silver by 1.9 per cent to USD 20.88 an ounce, its highest since November 14.

At the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 180 each to Rs 30,980 and Rs 30,780 per ten grams, respectively. Sovereign rose by Rs 100 to Rs 25,400 per piece of eight grams.

In a similar fashion, silver ready shot up by Rs 800 to Rs 46,000 per kg and weekly-based delivery by Rs 755 to Rs 45,515 per kg.

Silver coins too spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.