New Delhi, August 12: Gold prices surged by Rs 175 to Rs 18,600 per ten grams in the national capital today on hetic buying by stockists and jewellers to meet the current festive demand amid a firm global trend.
However, silver lacked necessary buying support from industrial units and dropped by Rs 200 to Rs 29,100 per kg.
Trading sentiment turned bullish after gold advanced in global markets on signs of slow global economic recovery thus reviving the demand for the metal as a store of value.
The precious metal in the overseas market, which normally sets the price trend on the domestic front, increased 0.3 per cent to USD 1,202.22 an ounce.
The demand also picked up due to the on-going festival season of occasions like ‘Teej’ and ‘Rakshabandhan’.
Gold of 99.9 per cent and 99.
—Agencies