Seasonal demand pushes up gold by Rs 375

Both the precious metals, gold and silver, recovered sharply on Friday on fresh buying by stockists and jewellers to meet the seasonal demand amid firm Asian cues. While gold surged Rs 375 to Rs 26,940 per 10 grams, silver rose by Rs 400 to Rs 52,600 per kg.

Traders said revival of buying by stockists and jewellers at existing lower levels to meet the seasonal demand and reports of a firming trend in Asian region mainly pushed up both gold and silver prices.

Gold in the Asian region, which normally sets the price trend on the domestic front, advanced by 0.6 per cent to $1,630.30 an ounce and silver by 1.3 per cent to $31 an ounce in Singapore.

On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed by Rs 375 each to Rs 26,940 and Rs 26,800 per 10 grams. Sovereigns followed suit and rose by Rs 50 to Rs 22,000 per piece of eight grams.

Similarly, silver ready rose by Rs 400 to Rs 52,600 per kg and weekly-based delivery by Rs 570 to Rs 52,350 per kg.

However, silver coins remained steady at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.