Gold, silver surge on strong global cues

The prices of both the precious metals, gold and silver, jumped in the national capital on Thursday on frantic buying by stockists triggered by a rally in overseas markets.

While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.

Sentiment turned bullish after gold jumped the most in 15 months in overseas markets after the Federal Reserve unexpectedly refrained from reducing the pace of monthly US bond purchases, increasing demand for the metal as a store of value, traders said.

Gold in New York, which normally set price trend on the domestic front, shot up by $55.30 to $1360.30 an ounce and silver by 5.64 per cent to $23.04

an ounce.

Meanwhile, hike in import duty raised fears of restricted arrivals and further influenced the market sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 410 to Rs 30,810 and Rs 30,610 per 10 gram, respectively.

It had gained Rs 300 in the previous session.

Sovereign followed suit and rose by Rs 100 to Rs 25,100 per piece of eight gram.

In a similar fashion, silver ready rallied by Rs 990 to Rs 51,200 per kg and weekly-based delivery by Rs 1,140 to Rs 51,200 per kg. The white metal had gained Rs 680 on Tuesday's trade.

Silver coins spurted by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.