Gold prices surged to 18-month high level on the bullion market on heavy buying by stockists and retailers for the festival season amid reports of the metal rising to record high levels in global markets. As the festival of Dhanteras approaches, retailers indulged in buying silver and gold coins as token purchases on the auspicious day.
Marketmen said the gold rising to 28-year high in global markets over $817 an ounce, a level last seen in January 1980, further fuelled trading sentiment and pushed up gold to a level recorded in May 2006 in India.
Standard gold, which commenced the day higher at Rs 10,500 per ten gram, eased to close at Rs 10,440, still showing a gain of Rs 140. Ornaments also rose by Rs 140 at Rs 10,290 per ten gram while sovereign rose by Rs 75 at Rs 8,350 per piece of eight gram.
Silver ready recovered to conclude higher by Rs 300 at Rs 19,350 per kilo on hectic buying triggered by firming trend in London bullion market. The metal in London rose above $15 an ounce.Silver weekly based delivery shot up by Rs 370 at Rs 19,450 a kilo on speculative support. Silver coins attracted buyers attention due to festival session and gained Rs 100 at Rs 25,200 for buying and Rs 25,300 for selling of 100 a piece
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