Gold spurts by Rs 330, silver zooms Rs 1,200

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Gold prices rose by Rs 330 to Rs 30,600 per 10 grams, while silver gained Rs 1,200 to Rs 54,400 per kg in the bullion market here today on rise in demand and strong cues from the global markets.

Traders said while gold surged on emergence of buying by stockists and jewellers for wedding season, silver gained on increased offtake by industrial units and coin manufacturers.

Sentiment turned better after gold climbed in global markets as European debt concerns mounted, spurring demand for the metal as a safe haven, they added.

Gold rose by USD 13 dollar to USD 1,585.30 an ounce and silver by 0.64 per cent to USD 27.54 an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity gained Rs 330 each to Rs 30,600 and Rs 30,400 per 10 grams, respectively. It had lost Rs 180 yesterday.

Sovereign followed suit and rose by Rs 50 to Rs 24,500 per piece of eight grams.

In line with a general firming trend, silver ready added Rs 1,200 to Rs 54,400 per kg and weekly-based delivery gained Rs 1,195 to Rs 53,630 per kg.

Silver coins also jumped up by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.