Gold surges on global cues, silver gains

Gold prices moved up further at the bullion market here Monday largely in sync with an overseas trend and increased buying by local jewelers.

Silver also advanced on increased offtake by industrial units and coin makers.

Standard gold (99.5 purity) moved up by Rs 40 to close at Rs 30,600 per 10 grams from last Friday's closing level of Rs 30,560.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 30,750 per 10 grams as against Rs 30,710 previously.

Silver (.999 fineness) climbed by Rs 105 per kg to close at Rs 36,700 as compared to Rs 36,595 earlier.

Globally, a softer dollar lifted gold after two sessions of declines, but investors prepared for more weakness as simmering US-China trade tensions suggested the currency would stay supported and the worlds largest economy remained robust.

Spot gold was up 0.4 percent at USD 1,197.43 an ounce at an early trade.

Among other precious metals, spot silver climbed 0.9 percent to USD 14.16.