Precious metals zoom on festive demand, firm global cues

NEW DELHI: Silver and gold prices zoomed in the national capital today on buying by retail customers for the festive and upcoming marriage season amid a firm global trend.

While gold surged by Rs 220 to Rs 19,800 per 10 grams, silver jumped up by Rs 600 to Rs 36,600 per kg on industrial and coin makers offtake.

Trading sentiment turned bullish on fresh buying by retail customers for the upcoming Diwali and Dhanterus festivals, which witnesses maximum purchase of gold and silver.

Upcoming marriage season and reports of a firm trend overseas, which normally sets the price on the domestic front here, also pushed up the prices. Gold in New York rose by USD 19.10 to USD 1,344.10 an ounce.

On the domestic front, the gold of 99.9 and 99.5 per cent purity shot up by Rs 220 each to Rs 19,800 and Rs 19,700 per 10 grams, respectively. Sovereign gained Rs 50 to Rs 15,900 per piece of eight grams.

Silver ready spurted by Rs 600 to Rs 36,600 per kg and weekly-based delivery by Rs 530 to Rs 36,100 per kg.

However, silver coins remained stable at Rs 36,000 for buying and Rs 36,100 for selling of 100 pieces.