Silver and gold surge on domestic demand, firm global cues

NEW DELHI-INDIA (Oct 21)  Silver rebounded by Rs 850 to Rs 49,350 per kg on increased offtake by industrial units and coin makers.  in the national capital on Monday on sustained buying by stockists for the festival and marriage season amid a firming global trend.

Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session. 

Firm global trend where gold climbed to two-week high also supported the upsurge in both gold and silver prices, they said. 

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.4 per cent to $1,322.05 an ounce and silver by 1.6 per cent to $22.28 an ounce. 

In addition, shifting of funds from weakening equity to rising bullion also influenced the sentiment to some extent, they added. 

On the domestic front, gold of 99.9 and 99.5 per cent purity climbed by Rs 240 each to Rs 31,890 and Rs 31,690 per ten gram, respectively. It had gained Rs 150 in the previous session. 

Although, sovereign remained steady at Rs 25,200 per piece of eight gram in limited deals. 

In line with a general firm trend, silver ready rebounded by Rs 850 to Rs 49,350 per kg and weekly-based delivery by Rs 900 to Rs 49,100 per kg. The white metal had lost Rs 300 in Saturday's trade. 

Silver coins also spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces on hectic festival as well as wedding season demand.