Gold jumps Rs 325 on wedding demand, global cues; silver recovers Rs 600
Gold prices on Saturday jumped by Rs 325 to Rs 30,775 per 10 grams at the bullion market on the back of wedding season demand and strong global cues.
Silver also recaptured the Rs 41,000-mark by recovering Rs 600 to Rs 41,150 per kg on increased offtake by industrial units and coin makers.
Traders said brisk buying by local jewellers to meet ongoing wedding season demand lifted the gold prices.
Moreover, a firm trend in global markets amid a weak dollar boosted the sentiment.
Globally, gold rose by 0.04 per cent to SGD 1,755.62 per ounce in Singapore, while in New York the metal climbed 1.18 per cent to $ 1,293.40 an ounce and silver by 1.32 per cent to Rs 17.28 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity zoomed by Rs 325 each to Rs 30,775 and Rs 30,625 per ten grams respectively. The precious metal had lost Rs 175 in last two days.
Sovereign, however, remained flat at Rs 24,700 per piece of eight grams in limited deals.
Tracking gold, silver ready climbed by Rs 600 to Rs 41,150 per kg and weekly-based delivery by Rs 560 to Rs 40,150 per kg.
Silver coins were flat at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.