Gold, silver surge on seasonal demand, global cues
New Delhi: Gold and silver prices surged for the second straight day Thursday on sustained buying by stockists for the ongoing festival and marriage season amid firm global trend.
The yellow metal surged by Rs 420 to Rs 31,620 per ten gram in continuation of a jump of Rs 650 yesterday, while silver shot up by Rs 1,145 to Rs 48,425 per kg, after gaining Rs 230 in the previous session.
Traders said sustained buying by stockists to meet the ongoing festival and marriage season demand mainly gathered momentum in precious metals prices.
Firm global trend on speculation that some buyers will take advantage of lower prices also bolstered the sentiment, they said.
Gold in London, which normally sets price trend on the domestic front, jumped 0.8 percent to USD 1,292.44 an ounce.
On the domestic front, gold of 99.9 and 99.5 percent purity surged further by Rs 420 each to 31,620 and Rs 31,420 per ten gram, respectively. Sovereign followed suit and gained Rs 100 to Rs 25,200 per piece of eight gram.
In line with a general firm trend, silver ready climbed up by Rs 1,145 to Rs 48,425 per kg and weekly-based delivery by Rs 175 to Rs 48,125 per kg.
Silver coins also flared up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.