Gold surges on firm global trend, festive buying

New Delhi, Oct 14. Gold prices jumped up by Rs 575 to Rs 30,775 per ten gram in the national capital today on increased buying by retail customers for the ongoing marriage and festival season amid a firming global trend. Silver followed suit and advanced by Rs 680 to Rs 47,570 per kg on emergence of buying by industrial units and coin manufacturers. Traders said the precious metals remained in demand for the ongoing festivals and marriage season, while silver rose on industrial units and coin makers demand. They said amid firming global trend gold traded higher and recent plunge also increased physical demand. Gold in London, which normally sets price trend on the domestic front, rose by 0.4 per cent to USD 1,276.66 an ounce and silver by 0.1 per cent to USD 21.35 an ounce. On the national front, gold of 99.9 and 99.5 per cent purity surged by Rs 575 each to Rs 30,775 and Rs 30,575 per ten gram respectively. Sovereign advanced by Rs 100 to Rs 25,100 per piece of eight gram. Silver ready spurted by Rs 680 to Rs 47,570 per kg and weekly-based delivery by Rs 80 to Rs 47,270 per kg. However, silver coins held steady at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.