Gold prices on Wednesday surged by Rs 200 at Rs 14,580 per 10 gram in the national capital on emergence of buying by stockists as
investors preferred to shift funds from the melting stock markets to bullion.
Marketmen said the upsurge in gold was further bolstered on tight stocks position and firming trend in the overseas markets. Gold rose $4.27 to $929.32 an ounce in London.
They said buying in gold picked up following a steep fall in the stock markets and investors shifted their funds to bullion, considering it a better investment option.
The 30-share BSE index today closed lower by 241 points at 14,060.66.
They said a fall in sale of scrap gold created a tight stocks positions and helped in pushing up the precious metals.
A similar firming trend was noticed in silver with most industrial units indulged in buying. Silver ready surged by Rs 500 at Rs 22,300 per kg and weekly-based delivery by Rs 560 at Rs 22,260 per kg.
Silver coins recovered Rs 100 at Rs 29,000 for buying and Rs 29,100 for selling of 100 pieces.
Standard gold and ornaments rose by Rs 200 each at Rs 14,580 and Rs 14,430 per 10 gram, respectively. Sovereign was up by Rs 100 at Rs 12,400 per piece of eight gram.
