Gold prices surge Rs 185 to cross 29000 level amid strong local buying, firm overseas trend

Gold prices surged Rs 185 to cross the 29,000 level on account of scattered buying by local jewellers amid a firm trend overseas. However, silver met with resistance at existing levels and took hit of Rs 215 at Rs 39,600 per kg.

Gold prices firmed up after yesterday's decline, mainly because of fresh buying by local jewellers at the domestic spot market, coupled with a better trend globally.

Overseas, the yellow metal edged up 0.07 per cent to USD 1,251.60 an ounce while silver slipped 0.26 per cent to USD 17 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced by Rs 185 each to Rs 29,100 and Rs 28,950 per 10 grams, respectively. The precious metal had lost Rs 235 yesterday.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. On the other hand, silver ready declined by Rs 215 to Rs 39,600 per kg and weekly-based delivery slumped below the Rs 40,000-mark by falling Rs 490 to Rs 39,510 per kg.

Meanwhile, silver coins continued to go at the previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.