Gold gains Rs. 470, silver zooms Rs. 3,400

Both gold and silver rallied in the bullion market here on Friday on buying by stockists and investors, triggered by a firming trend in Asia.

While gold added by Rs 470 to Rs 26,910 per 10 grams, silver zoomed by Rs 3,400 to Rs 54,200 per kg.

Silver coins followed suit and spurted by Rs 3,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

Silver coins had suffered the biggest single day plunge of Rs 7,000 per 100 pieces, in the last trading session, on Thursday.

The bullion market was closed on Thursday on account of ’Dussehra’

Traders said sentiment bolstered after gold climbed in the Asian region following a rise in equities, which were boosted by speculation that policy makers in Europe will step up measures to contain the region’s debt crisis.

In Singapore, gold rose by 0.9 per cent to $1,665.75 an ounce. Silver too added 0.9 per cent to $32.28 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity climbed by Rs 470 each to Rs 26,910 and Rs 26,770 per 10 grams. The metal had lost Rs 835 in the last trading session.

Sovereigns followed suit and rose by Rs 100 to Rs 21,900 per piece of eight grams.

Likewise, silver ready surged by Rs 3,400 to Rs 54,200 per kg and weekly-based delivery by Rs 3,625 to Rs 53,700 per kg, respectively. The industrial metal had lost Rs 2,500 in the last trading session.