Gold prices surge on global cues, sustained buying

New Delhi-India (Dec 29)  Rising for the third straight day, gold prices rose by another Rs150 to Rs28,350 per 10 grams, tracking positive global cues amid continued buying by local jewellers. On similar lines, silver advanced by Rs400 to Rs39,900 per kg on increased offtake by industrial units and coin makers.

Bullion traders said apart from a firming trend overseas, fresh weakness in dollar raised demand for the precious metal as a safe-haven and persistent buying by jewellers in the domestic market mainly kept gold prices higher.

Globally, gold rose 0.68% to $1,149.50 an ounce and silver by 1.16 % to $16.16 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity surged by Rs150 each to Rs28,350 and Rs28,200 per 10 grams, respectively.

The precious metal had rallied by Rs650 in last two days. Sovereign, however, remained unchanged at Rs24,000 per piece of eight grams in limited deals.

In step with gold, silver ready rose further by Rs400 to Rs39,900 per kg and weekly-based delivery by Rs455 to Rs39,770 per kg.

Silver coins, however, remained flat at Rs70,000 for buying and Rs71,000 for selling of 100 pieces.

Source: LiveMint