Gold rallies on global cues, silver tops Rs 41,000-mark

Gold firmed up by Rs 150 to Rs 30,200 per ten gram at the bullion market today after the precious metal climbed to about 10-month high overseas amid increased buying by local jewellers.

Silver also surged by Rs 700 to Rs 41,200 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to a firm trend overseas where the precious metal soared to almost 10month high as tension over North Korea lingered, raising demand for safe haven amid increased buying by local jewellers at domestic spot markets.

Globally, gold rose 0.97 per cent to USD 1,320 an ounce and silver by 0.86 per cent to USD 17.54 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 150 each to Rs 30,200 and Rs 30,050 per ten gram, respectively. It had lost Rs 400 in last two days.

Sovereign however remained flat at Rs 24,600 per piece of eight gram.

Following gold, silver ready surged by Rs 700 to Rs 41,200 per kg and weekly-based delivery by Rs 565 to Rs 39,780 per kg.

On the other hand, silver coins maintained a steady trend at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.