Gold Surges Rs 1,000, Silver Jumps Rs 1300

New Delhi: Gold prices saw a steep surge of Rs1,000 and breached the psychological Rs82,000 per 10 grams-mark for the fist time in the national capital on Wednesday, amid robust buying by jewellers ahead of Diwali. Meanwhile, extending the gains for the fifth straight day, silver also jumped Rs1,300 to Rs1.01 lakh per kg against the previous close of Rs99,700 per kg. According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity soared by Rs1,000 to hit a fresh peak of Rs82,400 per 10 grams in Delhi. The precious metal of 99.5 per cent purity also climbed Rs1,000 to hit an all-time high of Rs82,000 per 10 grams in the local markets. In the previous session, gold of 99.9 per cent and 99.5 per cent purity had closed at Rs81,400 and Rs81,000 per 10 grams, respectively.

Traders attributed the sharp jump in gold prices to massive buying by local jewellers in order to meet the rising demand during Diwali as well as firm global trend due to uncertain geopolitical situation ahead of the US presidential elections. At Rs82,400 per 10 gram, gold price has recorded a 35 per cent surge since October 29 last year when it was at Rs61,200 per 10 grams. At Rs1,01,000 per kg, Silver price has recorded a jump of 36 per cent since October 29 last year when it stood at Rs74,000 per kg.