Both the precious metals, silver and gold, advanced in the bullion market on Saturday on emergence of buying by stockists and retail customers amid a firming trend in global markets.

While gold spurted by Rs 250 to Rs 29,550 per 10 gm, silver shot up by Rs 400 to Rs 54,600 per kg on rising demand from industrial units.

Buying activity gathered momentum after gold gained in overseas markets as investors seeking to diversify their assets increased physical holdings of the metal.

The gold in New York, which normally set price trend on the domestic front here, rose 0.7 per cent, to $1,571.20 an ounce and silver by 0.8 per cent to $ 28.38 an ounce.

Besides, investors funds shifting from falling equities to surging bullion further supported the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity shot up by Rs 250 each to Rs 29,550 and Rs 29,410 per 10 gm. Sovereign ended steady at Rs 23,800 per piece of eight gram in thin trade.

Silver ready jumped up by Rs 400 to Rs 54,600 per kg and weekly-based delivery by Rs 430 to Rs 435 to Rs 54,500 per kg.

Silver coins rose by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

Keywords: bullion prices

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