Gold, silver prices surge on wedding season demand, firm global cues

Mumbai-India (Oct 29)  Gold prices surged by Rs 10 to Rs 27,500 per ten grams in the national capital on Wednesday on the back of pick-up in buying by jewellers to meet wedding season demand amid a firming global trend.

Traders said increased buying by jewellers, driven by wedding season demand and an improving trend in global markets ahead of the outcome of the US Federal Reserve's monetary policy meeting, mainly kept the prices of precious metals higher.

Gold in Singapore, which normally sets price trend in the domestic market, traded higher marginally at US $1,230.27 an ounce.

In Delhi, the yellow metal of 99.9 and 99.5 per cent purity added another Rs 10 each to Rs 27,500 and Rs 27,300 per ten grams, respectively, while sovereign remained flat at Rs 24,200 per piece of eight gram.

Similarly, silver prices surged by Rs 150 to Rs 38,400 per kg.

Silver ready climbed up by Rs 150 to Rs 38,400 per kg and weekly-based delivery by Rs 30 to Rs 38,220 per kg.

Silver coins, however, continued to be traded at the last level of Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.