Both the precious metals, gold and silver, traded higher in New Delhi on Monday, on fresh buying by stockists driven by a firming global trend.
While gold rose by Rs. 90 to Rs. 30,100 per 10 grams, silver by Rs. 175 to Rs. 54,650 per kg on increased offtake by jewellery fabricators and industrial units.
The trading sentiment improved as gold rose above $1,600 an ounce for the first time this month in overseas markets concerned over deepening euro-zone debt crisis and boosted haven demand.
Gold prices in Singapore, which normally sets the price trend on the domestic front, jumped 1.1 per cent to $1,608.60 an ounce, the most expensive since February 27.
Silver rose by 0.5 per cent to $28.90 an ounce.
In addition, fresh buying by stockists and shifting of investor’s funds from weakening equity to rising bullion further supported the uptrend.
On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs. 90 each to Rs. 30,100 and Rs. 29,900 per 10 grams, respectively. It had gained Rs. 80 in the previous session. Sovereigns followed suit and went up by Rs. 50 to Rs. 25,300 per piece of eight grams.
In line with a general firm trend, silver ready moved up by Rs. 175 to Rs. 54,650 per kg while weekly-based delivery declined by Rs. 130 to Rs. 54,170 per kg on lack of support.
Silver coins spurted by Rs. 1000 to Rs. 81,000 for buying and Rs. 82,000 for selling of 100 pieces.