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Gold up by Rs 120, silver Rs 550 on seasonal demand, global cues

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Press Trust of India New Delhi

Both silver and gold prices spurted on hectic buying by stockists and jewellers for the ongoing marriage season amid firm global cues.  

While silver climbed by Rs 550 to Rs 45,850 per kg, gold rose by Rs 120 to Rs 20,490 per 10 grams. Traders said that the sentiment remained bullish as retailers indulged in buying for the ongoing marriage season.

They said a firm trend overseas, which normally sets the price trend on the domestic front also influenced the trading sentiment. 

Gold in global markets, which normally sets the price trend in the domestic market here, surged by $12.10 to $1,364.20 an ounce and silver by 3.15 per cent to 30.37 dollar an ounce.     

On the domestic front, silver ready surged further by Rs 550 to Rs 45,850 per kg and silver for weekly-based delivery by Rs 1,005 to Rs 45,655 per kg.

Silver coins also spurted by Rs 700 to Rs 49,900 for buying and Rs 50,000 for selling of 100 pieces.  

In line with a general firm trend, the gold of 99.9 and 99.5 per cent purity shot up by Rs 120 each to Rs 20,490 and Rs 20,370 per 10 grams, respectively. 

Sovereign continued to be asked around their previous level of Rs 16,850 per piece of eight grams.

 

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First Published: Feb 09 2011 | 4:50 PM IST

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