Gold, silver prices spurt ahead of ‘Navratras’

NEW DELHI: The prices of both gold and silver spurted in the national capital today on stockists buying to meet the coming “Navratra” festival demand amid a firm global trend.
While gold spurted by Rs 175 to Rs 29,975 per ten grams, silver surged Rs 950 to Rs 53,150 per kg on increased offtake by jewellers and industrial units.The market received a boost on stockists buying for ensuing Navratras. Sentiments improved further after gold rose to near one-week high in global markets as optimism that stimulus around the world will be sustained overshadowed a decline in holdings in the biggest exchange-traded fund backed by bullion.Gold in global markets, which normally set price trend on the domestic front, climbed 0.2 per cent to USD 1,588.85 an ounce while silver gained 0.1 per cent to USD 28.00 an ounce, extending yesterday’s 2.5 per cent rally in Singapore.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 175 each to Rs 29,975 and Rs 29,775 per ten grams, respectively.
The yellow metal had lost Rs 230 in last two trading sessions. Sovereign continued to be asked around previous level of Rs 25,100 per piece of eight gram.
In line with a general firm trend, silver spurted by Rs 950 to Rs 53,150 per kg and weekly-based delivery by Rs 915 to Rs 52,260 per kg.Silver coins also jumped up by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

Source : Bullion Bulletin

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