Silver rises to Rs 54,300, gold up by Rs 75 on global cues

Silver rises to Rs 54,300, gold up by Rs 75 on global cues

Trading sentiments turned better after gold rose the most in a week in global markets on rising demand as investment haven after tensions mount in Libya and protests spread to Saudi Arabia.

In global markets, gold rose by USD 9.30 to USD 1,421.80 an ounce, the biggest gain since March 4 and silver by 2.5 per cent to USD 35.93 an ounce.

Besides, stockists and jewellers buying for the ongoing marriage season further fuelled the market sentiments.

On the domestic front, silver ready staged strong come back and surged by Rs 800 to Rs 54,300 per kg. It had lost Rs 1,100 yesterday. Silver weekly-based delivery followed suit and shot up by Rs 920 to Rs 54,010 per kg.

Silver coins jumped up by Rs 700 to Rs 58,700 for buying and Rs 59,200 for selling of 100 pieces.

In line with the general firming trend, gold of 99.9 and 99.5 per cent purity rose by Rs 75 each to Rs 21,195 and Rs 21,075 per 10 grams, respectively. The metal had lost Rs 200 in previous trade. However, sovereigns, remained stable at Rs 17,450 per piece of eight grams in limited deals.