Gold prices surged by Rs 175 to Rs 18,600 per ten grams in the national capital today on hetic buying by stockists and jewellers to meet the current festive demand amid a firm global trend.
However, silver lacked necessary buying support from industrial units and dropped by Rs 200 to Rs 29,100 per kg.
Trading sentiment turned bullish after gold advanced in global markets on signs of slow global economic recovery thus reviving the demand for the metal as a store of value.
The precious metal in the overseas market, which normally sets the price trend on the domestic front, increased 0.3 per cent to $1,202.22 an ounce.
The demand also picked up due to the on-going festival season of occasions like 'Teej' and 'Rakshabandhan'.
Gold of 99.9 per cent and 99.5 per cent purity surged by Rs 175 each to Rs 18,600 and Rs 18,500 per ten grams respectively. They had gained Rs 60 each in the previous trading session.
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Sovereigns also gained Rs 50 to Rs 14,750 per piece of eight grams.
On the other hand, silver lacked necessary buying support from industrial units and other users, and recorded losses.
Silver ready dropped by Rs 200 to Rs 29,100 per kg and weekly-based delivery by Rs 225 to Rs 28,790 per kg.
Silver coins continue to trade around their previous level of Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.