Both the precious metals, gold and silver, moved up on Wednesday on stockists and jewellers buying to meet the upcoming festival demand, amid a firming global trend. While gold rose by Rs. 35 to Rs. 21,020 per 10 grams, silver spurted by Rs. 400 to Rs. 56,000 per kg.
Trading sentiments turned better after gold advanced in London as fighting in Libya and concern about European debt spur demand for an alternative investment.
Gold in global markets, which normally sets price trend on the domestic front, rose by $ 2.80, or 0.2 per cent, to $ 1,421.30 an ounce.
Besides, stockists and jewellers enlarged their positions for the upcoming festival of “Navratras”, considered to be an auspicious fortnight for purchasing new things such as silver coins and jewellery.
On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs. 35 each to Rs. 21,020 and Rs. 20,900 per 10 grams, respectively. Sovereigns remained stable at Rs. 17,500 per piece of eight grams.
Similarly, silver ready rose further by Rs. 400 to Rs. 56,000 per kg and weekly-based delivery by Rs. 375 to Rs. 55,565 per kg.
Silver coins also surged by Rs. 2,000 to new peak of Rs. 61,500 for buying and Rs.62,000 for selling of 100 pieces.