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Updated: July 6, 2011 16:03 IST

Silver surges by Rs. 2,400, gold adds Rs. 275 on global cues

PTI
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An exhibition cum sale at a retail outlet in Chennai. File photo: S.R. Raghunathan
The Hindu An exhibition cum sale at a retail outlet in Chennai. File photo: S.R. Raghunathan

Silver advanced by Rs. 2,400 to Rs. 53,700 per kg, while gold added Rs. 275 to Rs. 22,270 per 10 grams today on brisk buying by stockists and speculators, triggered by a strong rally overseas.

Silver coins followed suit and jumped by Rs. 4,000 to Rs. 59,000 for buying and Rs. 60,000 for selling of 100 pieces.

Trading sentiments bolstered following a steep rise in overseas markets after renewed concerns about Europe’s sovereign-debt crisis boosted the demand for the precious metals as an alternative investment.

The gold in global markets, which normally sets the price trend on the domestic front, advanced by 0.4 per cent to $ 1,519.10 an ounce and silver gained one per cent to $ 35.79 an ounce.

On the domestic front, both silver ready and weekly-based delivery zoomed up by Rs. 2,400 each to Rs. 53,700 per kg.

The gold of 99.9 and 99.5 per cent purity surged by Rs. 275 each to Rs. 22,270 and Rs. 22,150 per 10 grams, respectively.

However, sovereigns remained flat at Rs. 18,650 per piece of eight grams.

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