Gold tops Rs 31,000 on global cues; silver surges Rs 800/kg

Riding on firm global trends and increased buying by jewellers at domestic spot market, gold prices advanced by Rs 30 to trade at Rs 31,000 per ten grams, while silver prices soared Rs 800 to Rs 45,900 per kg at the bullion market.

Sentiment bolstered as gold gained in global markets after US employment data missed estimates, boosting the metal’s appeal as a safe-haven, bullion traders said.

Globally, gold rose by 0.7 per cent to USD 1,326.70 an ounce and silver by 2.2 per cent to USD 19.36 an ounce in New York in Friday’s trade.

Besides, pick-up in buying by jewellers at domestic spot market to meet retailers’ demand supported the upside, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 30 to Rs 31,000 and Rs 30,850 per ten grams respectively. It had gained Rs 20 on Friday.

Sovereign, however, held steady at Rs 24,300 per piece of eight grams in limited deals.

Silver ready surged by Rs 800 to Rs 45,900 per kg backed by increased offtake by industrial units and coin makers.

Silver weekly-based delivery recaptured the Rs 45,000-mark by rising Rs 1,050 to Rs 45,480 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.