New Delhi, Sept 17: Snapping two days of losses, both gold and silver gained on the bullion market today on emergence of buying by stockists and investors at existing lower levels driven by a rebound in global markets.
While gold surged by Rs 420 to Rs 28,160 per 10 grams, silver went up by Rs 1,100 to Rs 64,400 per kg.
Trading sentiment turned better after gold rose the most in a week in global markets on renewed concerns that Europe's debt crisis will threaten economies, boosting demand for alternative investment options.
Gold in global markets, which normally sets the price trend on the domestic front, rose by USD 22.70 to USD 1,812.50 an ounce, the biggest gain since September 8.
Silver also traded 1.88 per cent higher at USD 40.66 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 420 each to Rs 28,160 and Rs 28,010 per 10 grams, respectively. The metal had lost Rs 725 in the last two trading sessions. Sovereign followed suit and recovered by Rs 100 to Rs 22,700 per piece of eight grams.
In a similar fashion, silver ready spurted by Rs 1,100 to Rs 64,400 per kg and weekly-based delivery by Rs 1,150 to Rs 64,450 per kg, respectively. Silver coins also jumped by Rs 3,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
In Mumbai bullion market, Standard gold (99.5 purity) shot up by Rs 430 per 10 gram to end at Rs 27,800 from Friday's close of Rs 27,370. Pure gold (99.9 purity) also surged by Rs 410 per 10 gram to close at Rs 27,910 from Rs 27,500 previously.
Silver ready (.999 fineness) jumped by Rs 830 per kilo to finish at Rs 64,425 as against Rs 63,595 yesterday.
In New York, gold for December delivery rose USD 33.30 to USD 1,814.70 an ounce on the Comex division of the NYMEX yesterday.
December silver contract was also up by USD 1.33 to USD 40.83 an ounce. PTI
