Gold surges by Rs 320 on firm global cues

New Delhi, Jan. Gold prices rose by Rs 320 to Rs 31,325 per 10 gm in the national capital today on the back of increased buying by stockists and jewellers for the ongoing wedding season amid a firming trend overseas. Silver also shot up by Rs 450 to Rs 59,450 per kg on increased demand from industrial units and coin makers. Traders said besides firming trend in the global markets, brisk buying by stockists and jewellers to meet the wedding season demand mainly attributed the rally in both the precious metal prices. Globally, gold which usually set price trend on the domestic front, rose by 0.3 per cent to USD 1,684.89 an ounce, nearly two-week high and silver by 0.1 per cent to USD 31.41 an ounce in Singapore. On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed by Rs 320 each to Rs 31,325 and Rs 31,125 per 10 gm, respectively. The metal had lost Rs 95 in last two trading sessions. Sovereign followed suit and rose by Rs 50 to Rs 25,450 per piece of eight gram. In line with a general firming trend, silver spurted by Rs 450 to Rs 59,450 per kg and weekly based delivery by Rs 445 to Rs 59,560 per kg. Silver coins flared up by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.