Gold up by Rs 85 on seasonal demand, firm global trend

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Continuing its upward rally for the third straight session, gold today rose by Rs 85 to Rs 31,660 per 10 grams. (Reuters) Continuing its upward rally for the third straight session, gold today rose by Rs 85 to Rs 31,660 per 10 grams. (Reuters)
SummaryContinuing its upward rally for the third straight session, gold today rose by Rs 85 to Rs 31,660 per 10 grams.

Continuing its upward rally for the third straight session, gold today rose by Rs 85 to Rs 31,660 per 10 grams on sustained buying by stockists to meet the rising festive season demand amid a firming global trend.

Silver followed suit and gained Rs 550 to Rs 62,350 per kg on increased buying by industrial units and coin makers.

Traders said the precious metals remained in demand for the third straight day on sustained buying by stockists for the ongoing heavy marriage season.

They said a firming trend in the international markets where gold recovered from one-month low as investors raised holdings in exchange-traded products to a record and as optimism China's economy is recovering boosted commodities.

Gold in overseas markets, which normally sets the price trend on the domestic front, advanced by 0.3 per cent to USD 1,709.34 an ounce in Singapore.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 85 each to Rs 31,660 and Rs 31,460 per 10 grams, respectively. The metal had gained Rs 235 in the last two trading sessions. Sovereigns held unchanged at Rs 25,550 per piece of eight grams.

Silver ready rose by Rs 550 to Rs 62,350 per kg and weekly-based delivery by Rs 300 to Rs 62,840 per kg. The metal had added Rs 800 in last two days.

Silver coins shot up by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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