Riding on firm global trends and increased buying by domestic jewellers to meet festive season demand, gold prices surged by Rs 310 to Rs 31,280 per ten grams at the bullion market today.
Silver too regained Rs 1,050 to Rs 47,350 per kg on increased offtake by industrial units and coin makers.Traders said sentiment bolstered after gold rebounded from the lowest in a week in global markets as the dollar weakened, boosting demand for the precious metal as a store of value.
Globally, gold rose by 1.1 per cent to $ 1,355.41 an ounce and silver by 1.9 per cent to USD 20.19 an ounce in Singapore.In the national capital, gold of 99.9 per cent and 99.5 per cent purity spurted by Rs 310 each to Rs 31,280 and Rs 31,130 per 10 grams, respectively. The precious metal had gained Rs 70 on Tuesday.Sovereign traded higher by Rs 100 to Rs 24,300 per piece of eight grams.
Silver ready prices went up by a whopping Rs 1,050 to Rs 47,350 per kg and weekly-based delivery by Rs 1,035 to Rs 47,160 per kg.
