Gold, silver surge on sesonal demand, firm global trend
New Delhi: Gold and silver prices surged for the third straight day in the bullion market Tuesday on sustained buying by stockists and jewellers for the ongoing festival and marriage season amid a firming global trend.
While gold spurted by Rs 280 to Rs 30,930 per ten gram in continuation to gains of Rs 340 in last two sessions, Silver surged by Rs 1,250 to Rs 49,950 per kg after gaining Rs 480 in last two days.
Traders said buying activity continued for the third straight day for the ongoing 'Navratras,' an auspicous week in Hindu mythology for making new purchases and marriage season.
They said the market sentiment further boosted as gold in overseas markets rose as investors weighed US political stalemate that extended a government shutdown likely to raise demand for the precious metals as an alternate investment.
Gold in New York, which normally sets price trend on the domestic front, advanced 0.2 percent to USD 1,325.28 an ounce and silver by 2.81 percent to USD 22.36 an ounce.
In the national capital, gold of 99.9 and 99.5 percent purity shot up by Rs 280 each to Rs 30,930 and Rs 30,730 per ten gram, respectively. Sovereign jumped up by Rs 100 to Rs 25,100 per piece of eight gram.
Silver ready zoomed by Rs 1,250 to Rs 49,950 per kg and weekly-based delivery by Rs 1,150 to Rs 49,650 per kg. Silver coins shot up by Rs 2,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.