Gold, silver gain on firm global cues

Both gold and silver extended gains in India's capital New Delhi on Monday on sustained buying by stockists, drivenby firm global trends.

While gold surged by Rs 450 to Rs 28,610 per 10 grams,silver went up by Rs 600 to Rs 65,000 per kg.

Buying activity in the precious metals picked up after goldgained in London as concerns about deepening European debt crisis spurreddemand for the metal as a protection of wealth.

Gold in global markets, which normally sets the price trendon the domestic front, rose by $11.60 to $1,823.47 an ounce in London.

Traders said sustained buying by stockists for the comingmarriage season and reports of a firm trend in overseas markets mainly pushedup both gold and silver prices.

Investors shifting their funds from weak equities to risingbullion further supported the uptrend, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purityzoomed up by Rs 450 each to Rs 28,610 and Rs 28,460 per 10 grams, respectively.

The metal had gained Rs 420 in the previous session.

Sovereign followed suit and rose by Rs 100 to Rs 22,800 perpiece of eight grams.

In a similar fashion, silver ready spurted by Rs 600 to Rs65,000 per kg and weekly-based delivery by Rs 645 to Rs 65,095 per kg, respectivelyon increased buying by industrial units. The metal had surged Rs 1,100 onSaturday.

Silver coins also rose by Rs 1,000 to Rs 73,000 for buyingand Rs 74,000 for selling of 100 pieces.