Gold up by Rs 245 on stockists support, firm global trend

New Delhi, Jun 4. Gold prices today spurted by Rs 245 to Rs 27,670 per 10 grams in the national capital on sustained buying by stockists amid a firming global trend. After gaining Rs 75 in the previous session, the precious metal advanced further, driven by a firming trend in overseas markets as US economic data signalled the Federal Reserve may continue its asset purchase program to support the recovery. Gold in Singapore, which normally sets the price trend on the domestic front, added 0.3 per cent to USD 1,415.15 an ounce, the most since May 20. Marketmen said the upsurge in gold was completely on the back of a firming global trend concerned over US Federal's stimulus package and weakening dollar. They said the uptrend further supported as investors shifted their funds from melting stocks to bullion for quick gains. In line with the general trend, silver prices rose by Rs 300 to Rs 44,800 per kg on rising demand among industrial units and coin makers. Gold of 99.9 and 99.5 per cent purity spurted by Rs 245 each to Rs 27,670 and Rs 27,470 per 10 grams, respectively. Sovereigns also moved up by Rs 100 to Rs 24,100 per piece of eight grams. Silver ready rose by Rs 300 to Rs 44,800 per kg and weekly-based delivery by Rs 380 to Rs 44,120 per kg on speculative buying. Silver coins, on the other hand, held steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 peices