Gold, Silver Surge on Wedding Demand, Firm Global Cues

New Delhi: Both the precious metals, gold and silver, rose on November 18 on brisk buying by stockists following pick up in demand at lower levels amid a firm global trend.

While gold climbed by 275 to 31,700 per 10 grams, silver gained 600 to 61,300 per kg on increased offtake.

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

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

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

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

Also Read:?Interest Rate Cut Needed To Boost Economic Growth: Montek Singh Ahluwalia

Source: http://feedproxy.google.com/~r/si-finance/~3/xFVmo3TWV54/Gold-Silver-Surge-on-Wedding-Demand-Firm-Global-Cues-nid-136745.html

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