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Gold, silver prices surge on wedding demand, firm global cues

Gold and silver prices rose on brisk buying by stockists, following pick up in demand at lower levels amid a firm global trend.

BT Online Bureau | December 18, 2012 | Updated 15:37 IST

Gold and silver prices rose on Tuesday on brisk buying by stockists, following pick up in demand at lower levels amid a firm global trend.

Traders said brisk buying by stockists on pick up in demand at existing lower levels amid a firm global trend on optimism US lawmakers will reach agreement on the Budget to avert automatic spending cuts, mainly led to the upsurge in both gold and silver prices.

In Singapore, gold rose by 0.3 per cent to $1,703.35 an ounce and silver by 0.5 per cent to $32.43 an ounce.

On the domestic front, while gold prices climbed by Rs 275 to Rs 31,700 per 10 grams, silver gained Rs 600 to Rs 61,300 per kg on increased offtake.

Gold of 99.9 and 99.5 per cent purity spurted by Rs 275 each to Rs 31,700 and Rs 31,500 per 10 grams respectively, while sovereigns held steady at Rs 25,500 per piece of eight grams.

In a similar fashion, silver ready spurted by Rs 600 to Rs 61,300 per kg and weekly-based delivery by Rs 400 to Rs 61,850 per kg. Silver coins also climbed Rs 2,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

With inputs from PTI

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