Gold, Silver Surge on Wedding Demand, Firm Global Cues
By PTI
New Delhi: Both the precious metals, gold and silver, rose on November 18 on brisk buying by stockists following pick up in demand at lower levels amid a firm global trend.
While gold climbed by Rs.275 to Rs.31,700 per 10 grams, silver gained Rs.600 to Rs.61,300 per kg on increased offtake.
Traders said brisk buying by stockists on pick up in demand at existing lower levels amid a firm global trend on optimism U.S. lawmakers will reach agreement on the budget to avert automatic spending cuts, mainly led to the upsurge in both gold and silver prices.
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In Singapore, gold rose by 0.3 per cent to U.S. $1,703.35 an ounce and silver by 0.5 percent to U.S.$32.43 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity spurted by Rs.275 each to Rs.31,700 and Rs.31,500 per 10 grams respectively, while sovereigns held steady at Rs.25,500 per piece of eight grams.
In a similar fashion, silver ready spurted by Rs.600 to Rs.61,300 per kg and weekly-based delivery by Rs.400 to Rs.61,850 per kg. Silver coins also climbed Rs.2,000 to Rs.80,000 for buying and Rs.81,000 for selling of 100 pieces.
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