Gold rallies on brisk buying; silver surges

Gold prices rallied after three session weariness at the bullion market here today on brisk buying by investors and traders at the existing lower levels.

Silver also rose in line with gold amid hectic speculative demand.

Standard gold of 99.5 per cent purity spurted by Rs 170 per 10 gm to close at Rs 30,400 from Monday's closing level of Rs 30,230.

Pure gold of 99.9 per cent purity also climbed by Rs 165 per 10 gm to end at Rs 30,530 from Rs 30,365.

Silver ready (.999 fineness) gained by Rs 305 to conclude at Rs 59,140 per kg as against Rs 58,835 yesterday.

At the global front, gold closed higher on safe haven buying following steep drop in US equities amid political turmoil in spain and potential increase of demand from China.

Gold for April delivery climbed USD 5.80 to USD 1,676.40 an ounce on the Comex division of the NYMEX late yesterday.

However, silver for March contract declined 24 cents to USD 31.72 an ounce.

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