Both the precious metals, silver and gold, strengthened on the bullion market on Wednesday on brisk buying by stockists and retailers for the festive and marriage season, amid firm global trends.
While silver surged by Rs. 475 to Rs. 45,475 per kg, gold gained by Rs. 55 to Rs. 20,695 per 10 grams on rising demand.
Sentiment turned bullish as gold prices rose in overseas markets on sovereign-debt crisis raising demand for precious metals as a safe haven. The gold rose 0.3 per cent to $1,386.15 an ounce and silver by 0.8 per cent to $29.75 an ounce.
Besides, rising demand for the upcoming marriage season and festivals like Makarsakranti and Lohri, further supported the uptrend, traders said.
On the domestic front, silver ready surged by Rs. 475 to Rs. 45,475 per kg on increased offtake by industrial units and coin makers. Silver weekly-based delivery jumped up by Rs. 570 to Rs. 45,120 per kg on speculators’ buying support.
Silver coins were also seen in demand and spurted by Rs. 400 to Rs. 50,900 for buying and Rs. 51,000 for selling of 100 pieces.
In line with a general firming trend, gold of 99.9 and 99.5 per cent purity rose by Rs. 55 each to Rs. 20,695 and Rs. 20,575 per 10 grams, respectively. Sovereign remained stable at Rs. 16,950 per piece of eight grams.