Gold price extends gains on sustained buying, firm global cues

Jan 20 2014, 16:27 IST
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Gold of 99.9 and 99.5 per cent purity was traded at Rs 30,170 and Rs 30,020 per ten grams. Reuters Gold of 99.9 and 99.5 per cent purity was traded at Rs 30,170 and Rs 30,020 per ten grams. Reuters
SummaryGold prices extended gains for the second straight day by adding Rs 20 to Rs 30,200 per ten grams.

Gold prices extended gains for the second straight day by adding Rs 20 to Rs 30,200 per ten grams in the national capital today on sustained buying by stockists for the marriage season amid firm global cues.

Silver followed suit and gained Rs 50 to Rs 45,250 per kg on increased offtake by industrial units and coin makers.

In Mumbai, gold of 99.9 and 99.5 per cent purity was traded at Rs 30,170 and Rs 30,020 per ten grams, while silver enquired at Rs 46,000 per kg.

Traders said sustained buying by stockists and retailers for the marriage season amid a firm global trend where gold rallied on signs of increasing demand as holdings in the biggest exchange-traded product expanded the most since 2011, mainly bolstered the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.5 per cent to USD 1,260.07 an ounce, the highest price since December 11. Silver advanced 0.2 per cent to USD 20.35 an ounce.

At the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 30,200 and Rs 30,000 per ten grams, respectively. It had gained Rs 210 in the previous session.

Sovereign also moved up by Rs 100 to Rs 25,100 per piece of eight grams.

In line with a general firm trend, silver rose further by Rs 50 to Rs 45,250 per kg and weekly-based delivery by Rs 65 to Rs 45,200 per kg. The white metal had climbed Rs 600 in last trade.

Silver coins, however, maintained steady trend at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

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