Gold surges to Rs 29,310, silver down on low demand

NEW DELHI: Gold rallied by Rs 160 to trade at almost three-week high of Rs 29,310 per ten gram at the bullion market today on increased buying by local jewellers even as the metal lost sheen overseas.

However, silver fell by Rs 250 to Rs 39,100 per kg on lack of buying support from industrial units amid weak global cues.

Traders attributed the rise in gold prices to pick-up in buying by local jewellers to meet ensuing festive season demand at domestic spot markets, though a weak trend overseas capped the rise.

Globally, gold fell 0.10 per cent to USD 1,253.30 an ounce and silver by 0.42 per cent to USD 16.43 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 160 each to Rs 29,310 and Rs 29,160 per ten gram respectively, a level last seen on July 4.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

On the other hand, silver ready slipped by Rs 250 to Rs 39,100 per kg and weekly-based delivery by Rs 40 to Rs 38,110 per kg.

Silver coins, however, spurted by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

 

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PTI