Gold surged Rs 675 to Rs 28,590 per 10 grams in the national capital on Friday on brisk buying by stockists and investors on firm global cues.

In line with the general rising trend, silver spurted by Rs 1,600 to Rs 65,700 per kg, on increased buying by speculators and industrial units.

Trading sentiment turned bullish after gold soared in London as concerns of slowing growth and melting equities spurred demand for the metal as a protection of wealth.

Gold in global markets, which normally sets the price trend on the domestic front, rose by $13.25 to $ 1,883.43 an ounce in London.

In addition scattered local buying for the upcoming marriage season and shifting of funds from weak stocks to rising bullion also bolstered the trading sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity sky-rocketed by Rs 675 each to Rs 28,590 and Rs 28,440 per 10 grams. Sovereigns followed suit and rose by Rs 100 to Rs 22,700 per piece of eight grams.

In a similar fashion, silver ready spurted further by Rs 1,600 to Rs 65,700 per kg and weekly-based delivery by Rs 1,320 to Rs 66,010 per kg. Silver coins jumped up by Rs 2,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Keywords: bullion market

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