BackGold surges by Rs250; silver soars Rs800 per kg
Gold of 99.9 and 99.5% purity shot up by Rs250 each to Rs28,350 and Rs28,150 per ten gram respectively
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New Delhi: After falling for two straight days, gold on Saturday staged a comeback to close Rs250 higher at Rs28,350 per ten grams in Delhi bullion market as jewellers made fresh buying at prevailing levels to meet wedding season demand amidst a firming global trend.
Traders said besides wedding season buying by jewellers, a firm global trend amid the US economy expanding at a slower pace than forecast in the fourth quarter reignited demand for the precious metal as a safe haven.
Gold in New York, which normally determines trend on the domestic front, rose 1.99% to $1,283.10 an ounce, the biggest advance since 15 January. Silver also rose 2.6% to $17.20 an ounce.
In the national capital, gold of 99.9 and 99.5% purity shot up by Rs250 each to Rs28,350 and Rs28,150 per ten gram respectively. It had lost Rs320 in last two days. Sovereign recovered by Rs100 to Rs24,000 per piece of eight gram.
In a similar fashion, silver ready rebounded by Rs800 to Rs38,350 per kg and weekly-based delivery by Rs860 to Rs38,135 per kg. On the other hand, silver coins traded at last level of Rs63,000 for buying and Rs64,000 for selling of 100 pieces.
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