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Updated: August 12, 2010 16:32 IST

Gold spikes Rs. 175 on firm global cues, festive demand

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The demand for gold picked up due to the ongoing festival season. File photo: K. Murali Kumar
The Hindu
The demand for gold picked up due to the ongoing festival season. File photo: K. Murali Kumar

Gold prices surged by Rs. 175 to Rs. 18,600 per 10 grams in the national capital on Thursday on hectic buying by stockists and jewellers to meet the current festive demand amid a firm global trend.

However, silver lacked necessary buying support from industrial units and dropped by Rs. 200 to Rs. 29,100 per kg.

Trading sentiment turned bullish after gold advanced in global markets on signs of slow global economic recovery thus reviving the demand for the metal as a store of value.

The precious metal in the overseas market, which normally sets the price trend on the domestic front, increased 0.3 per cent to $1,202.22 an ounce.

The demand also picked up due to the ongoing festival season of Teej and Rakshabandhan.

Gold of 99.9 per cent and 99.5 per cent purity surged by Rs. 175 each to Rs. 18,600 and Rs. 18,500 per 10 grams respectively. They had gained Rs. 60 each in the previous trading session.

Sovereigns also gained Rs. 50 to Rs. 14,750 per piece of eight grams.

On the other hand, silver lacked necessary buying support from industrial units and other users, and recorded losses. Silver ready dropped by Rs. 200 to Rs. 29,100 per kg and weekly-based delivery by Rs. 225 to Rs. 28,790 per kg.

Silver coins continue to trade around their previous level of Rs. 34,400 for buying and Rs. 34,500 for selling of 100 pieces.

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