Gold surges on seasonal offtake, higher global cues

Gold prices today surged at the bullion market here on firm buying by stockists and retailers amid sustained seasonal offtake and positive global cues.
Silver prices also gained following speculative demand and also good industrial buying.
Prices of standard gold (99.5 purity) gained by Rs 155 to close at Rs 26,760 per 10 grams from last Saturday's closing level of Rs 26,605.
Pure gold (99.9 purity) also went up by a similar margin to end at Rs 26,910 per 10 grams as against previous level of Rs 26,755.
Silver (.999 fineness) rose by Rs 170 to finish at Rs 37,940 per kg as compared to Rs 37,770 previously.

On the global front, gold price in Europe rose to nearly two week high shrugging of dollar's multi-year high after an interest rate cut in Beijing lifted the demand in China, the worlds second largest gold market.
In London, spot gold rose to USD 1,223.20 an ounce in early trade, while spot silver was unchanged at USD 16.60 an ounce.