Silver surges to Rs 53,700, gold gains

Silver advanced by Rs 2,400 to Rs53,700 per kg, while gold added Rs 275 to Rs 22,270 per 10 grams on Wednesdayon brisk buying by stockists and speculators, triggered by a strong rallyoverseas.

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Silver coins followed suit and jumped by Rs 4,000 to Rs59,000 for buying and Rs 60,000 for selling of 100 pieces.

Trading sentiments bolstered following a steep rise inoverseas markets after renewed concerns about Europe'ssovereign-debt crisis boosted the demand for the precious metals as analternative investment.

The gold in global markets, which normally sets the pricetrend on the domestic front, advanced by 0.4 per cent to $1,519.10 an ounce andsilver gained one per cent to $35.79 an ounce.

On the domestic front, both silver ready and weekly-baseddelivery zoomed up by Rs 2,400 each to Rs 53,700 per kg. The gold of 99.9 and 99.5 per cent purity surged by Rs 275each to Rs 22,270 and Rs 22,150 per 10 grams, respectively.

However, sovereigns remained flat at Rs 18,650 per piece ofeight grams.