Gold, silver surge on wedding season buying, global cues
Gold of 99.9 and 99.5% purity spurted by Rs320 each to Rs30,710 and Rs30,510 per 10 grams, respectively
New Delhi: Gold staged a strong recovery on Saturday by surging ₹ 20 to ₹ 30,710 per 10 grams in Delhi bullion market on emergence of buying by stockists to meet the ongoing wedding season demand amid a firming trend overseas.
Silver also snapped its three-day falling streak and spurted by Rs1,050 to Rs42,700 per kg on increased offtake by industrial units and coin makers. The white metal had lost Rs1,750 in the previous three sessions.
Traders attributed the rebound in precious metals to buying by stockists for the ongoing wedding season demand.
Besides, a firming global trend where gold advanced the most since mid-March as tensions between Russia and Ukraine increased, boosting demand for the precious metal as a safe haven, also boosted the sentiment here, they said.
Gold in New York, which normally sets the price trend on the domestic front, rose 1.5% to $1,302.90 an ounce, the biggest gain since 12 March and silver by 2.6% to $19.54 an ounce, the biggest gain since 14 February.
In Delhi, gold of 99.9 and 99.5% purity spurted by Rs320 each to Rs30,710 and Rs30,510 per 10 grams, respectively. It had lost Rs195 on Friday. Sovereign followed suit and rose by Rs100 to Rs25,100 per piece of eight grams.
Silver ready recorded by a whopping rise of Rs1,050 to Rs42,700 per kg and weekly-based delivery by Rs1,105 to Rs42,080 per kg.
On the other hand, silver coins remained steady at Rs80,000 for buying and Rs81,000 for selling of 100 pieces.
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