Gold prices rises for third day on sustained buying, global cues

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SummaryGold prices rose by Rs 90 to Rs 31,220 per 10 gm in the national capital today

Gold prices rose by Rs 90 to Rs 31,220 per 10 gm in the national capital today on sustained buying, driven by Christmas festival demand amid a firm Asian cues.

However, silver held steady at Rs 58,000 per kg in restricted trading activities.

Rising for the third day, the gold in the Asian region, which influence trading in the domestic markets here, advanced 1.2 per cent to 1,657 dollar an ounce in Tokyo. Markets in the US and UK are closed today for Christmas Day.

Traders said sustained buying by stockists and retailers in view of Christmas festival amid a firm trend in the Asian region mainly kept gold higher for the third day.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 90 each to Rs 31,220 and Rs 31,020 per ten grams respectively. The metal had gained Rs 260 in last two sessions. Sovereign remained steady at Rs 25,450 per piece of eight gram.

On the other hand, silver ready held steady at Rs 58,000 per kg while weekly-based delivery shot up by Rs 1315 to Rs 59,500 per kg on speculative buying.

Meanwhile, silver coin continued to be asked around previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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