Gold soars on fresh buying, strong global cues | business | Hindustan Times
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Gold soars on fresh buying, strong global cues

business Updated: Apr 02, 2010 15:58 IST

Gold prices surged by Rs 200 to Rs 16,760 per ten grams in the bullion market in New Delhi on Friday on brisk buying triggered by positive global cues.

Standard gold and ornaments gained Rs 200 each to Rs 16,760 and Rs 16,610 per ten grams, respectively, while sovereign gained Rs 25 to trade at Rs 13,925 per eight-gram piece.

Trading sentiment turned bullish as gold rose to its highest in almost two weeks in the overseas markets as an improving economy and weakening dollar spurred demand for the metal.

In the international markets, which normally set the price trend here on the domestic front, gold shot up by USD 12.80 to USD 1,126.40 an ounce in New York last evening -- the highest level since March 19.

Marketmen said emergence of buying support also gave a push to gold prices.

In line with the general firming trend, silver ready extended gains for the second day by adding Rs 250 to Rs 27,550 per kg and weekly-based delivery gained Rs 275 to Rs 27,335 per kg.

Silver coins also added Rs 100 to Rs 33,500 for buying and Rs 33,600 for selling of 100 pieces.