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Gold, silver surge on seasonal demand

February 04, 2014 18:43 IST

Extending gains for the third day, gold prices rose by Rs 300 to Rs 30,700 per ten gram in the national capital on Tuesday on sustained buying by stockists for the ongoing marriage season amid a firming global trend.

Silver prices also spurted by Rs 590 to Rs 44,200 per kg. Bullion merchants said the market remained bullish on sustained buying by stockists and jewellery fabricators for the marriage season.

They said the upsurge was further supported by a firming global trend, where gold spurted on concern that faltering global growth may boost yellow metal's demand.

Gold in Singapore, which normally sets price trend on the domestic front here, rose 0.3 per cent to $1,261.15 an ounce, as the MSCI All - Country World Index of equities lost 1.6 per cent.

Manufacturing output in China, the US and the UK slowed down as a sell-off in emerging markets, raising fears of slowing global economic growth, they added.

Investors shifting their funds from melting equities to rising bullion was another factor responsible for upsurge in gold and silver prices.

In the local market, the gold of 99.9 and 99.5 per cent purity shot up by Rs 300 each to Rs 30,700 and Rs 30,500 per ten gram, respectively. Sovereign held unchanged at Rs 25,200 per piece of eight gram.

Silver ready spurted by Rs 590 to Rs 44,200 per kg and weekly-based delivery by Rs 465 to Rs 43,800 per kg. Silver coins also gained Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces. 

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