Silver & gold zoom on strong global cues
NEW DELHI-INDIA (July 22) Gold prices surged by Rs 390 to Rs 27,680 per 10 grams in the national capital on Monday on brisk buying by stockists, taking strong cues from global markets.
In line with the general firming trend, silver shot up by Rs 800 to Rs 41,325 per kg on increased offtake by jewellers and industrial units.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations of the US Federal Reserve sustaining the stimulus package hurt the dollar, and raised demand for precious metals as an alternate investment.
Gold in Singapore climbed 2.1 per cent to $1,323.23 an ounce, the highest level since June 20 and silver by 2.9 per cent to $20.08 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 390 each to Rs 27,680 and Rs 27,480 per 10 grams, respectively. Sovereigns followed suit and rose by Rs 50 to Rs 24,300 per piece of eight grams.
In a similar fashion, silver ready rallied by Rs 800 to Rs 41,325 per kg and weekly-based delivery by Rs 840 to Rs 41,200 per kg, respectively. However, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.