Gold, silver climb on global cues, seasonal buying

Gold prices surged by Rs 180 to Rs 29,430 per ten grams at the bullion market today, tracking a firm global trend and pick up in buying by jewellers and retailers amid wedding season demand. Silver also edged up by Rs 50 to Rs 38,700 per kg on higher demand from industrial units and coin makers. Traders said that besides firming trend in bullion rates overseas, there was rise in demand by jewellers and retailers in the domestic market largely on account of weddings.

Globally, gold rose 0.7 per cent to USD 1,234.60 an ounce in New York in yesterday’s trade as disappointing US economic data revived safe-haven demand.

In the national capital, gold of 99.9 and 99.5 per cent purity strengthened by Rs 180 each to Rs 29,430 and Rs 29,280 per ten grams respectively. Sovereign, however, traded lower by Rs 100 to Rs 23,000 per piece of eight gram.

In a similar fashion, silver ready rose by Rs 50 to Rs 38,700 per kg, while weekly-based delivery declined by Rs 55 to Rs 38,505 per kg.

On the other hand, silver coins traded at previous level of Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.