Gold, silver extend gains on global cues
Gold is trading at Rs 29,850 per 10 grams, silver up by Rs 200 per kg.
New Delhi: Rising for the second day in a row, gold prices climbed by another Rs 150 to Rs 29,850 per 10 grams today, tracking a firm trend overseas and increased buying by local jewellers.
Silver also advanced by Rs 200 to Rs 43,400 per kg backed by increased offtake by industrial units and coin makers. Marketmen said that besides a firming trend overseas, pick up in buying by local jewellers to meet wedding season demand at the domestic spot market kept the precious metals' prices higher.
Globally, gold rose 0.44 per cent to USD 1,238.60 an ounce and silver 0.61 per cent to USD 18.06 an ounce in New York yesterday. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 150 each to Rs 29,850 and Rs 29,700 per 10 gram, respectively.
The precious metal had gained Rs 75 yesterday. Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams in limited deals.
Following gold, silver ready advanced by Rs 200 to Rs 43,400 per kg, while weekly-based delivery by 160 to Rs 42,860 per kg. Silver coins, too, spurted by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.