Gold rises for fourth day on increased buying, global cues

PTI Posted online: Friday, Apr 25, 2014 at 0000 hrs
New Delhi : Continued its rising streak for the fourth straight session, gold prices today moved up by another Rs 90 to Rs 30,680 per ten gram on increased buying by stockists for the ongoing marriage season amid a firming global trend.

On the other hand, silver recovered by Rs 240 to Rs 43,420 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by stockists and retailers for the ongoing marriage season amid a firming global trend, as escalating tensions between Ukraine and Russia spur demand for haven assets, mainly led the rise in precious metal prices.

Gold in New York, which normally sets price trend on the domestic front, rose by 0.5 per cent to USD 1,290.60 an ounce and silver by 1.3 per cent to USD 19.71 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 90 each to Rs 30,680 and Rs 30,480 per ten gram respectively. The yellow metal had gained Rs 550 in the previous three sessions.

Sovereign, however, held steady at Rs 25,000 per piece of eight gram in limited deals.

Silver ready recovered by Rs 240 to Rs 43,420 per kg and weekly-based delivery by similar margin to Rs 42,720 per kg. It had lost Rs 120 yesterday.

Silver coins ruled steady at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.