Gold, silver advance on sustained buying, firm global cues

Feb 11 2014, 17:01 IST
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SummaryGold advanced further by Rs 130 to Rs 30,800 per ten grams in the national capital.

Gold advanced further by Rs 130 to Rs 30,800 per ten grams in the national capital today on sustained buying for the ongoing marriage season amid a firming global trend.

Silver shot up by Rs 105 to Rs 45,130 per kg on increased offtake by jewellers and industrial units.

However, a divergent trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity rose for the second straight day by adding Rs 120 each to Rs 30,600 and Rs 30,450 per ten grams, respectively on seasonal demand, while silver shed Rs 50 to Rs 45,800 per kg on lack of buying support.

Traders said frantic buying by stockists and jewellers to meet the rising ongoing marriage season demand mainly kept the precious metals higher for the second day.

They said an upsurge was further supported by firming global trend where gold rallied as investors assessed further cuts to US stimulus and increased buying in China.

Gold in Singapore, which normally sets price trend on the domestic front, rose by one per cent to USD 1,287.81 an ounce, the highest price since November 18 and silver by 0.2 per cent to USD 20.11 an ounce.

At the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 130 each to Rs 30,800 and Rs 30,600 per ten grams, respectively. It had climbed Rs 470 yesterday.

Silver coins continued to be asked at last level of Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

In a similar fashion, silver ready rose by Rs 105 to Rs 45,130 per kg and weekly-based delivery by a similar margin to Rs 44,880 per kg. The white metal had gained Rs 405 in last the trading session.

However, silver coins remained steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

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