Gold, silver extend gains on sustained festive buying

Written by Press Trust of India | New Delhi | Updated: Sep 30 2014, 20:35pm hrs
Bullion ReportBullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher. (Reuters)
Supported by rising demand from jewellers and retailers fuelled by the ongoing festive season, gold rose further by Rs 40 to Rs 27,340 per 10 grams in the national capital today.

Silver followed suit and gained another Rs 100 to Rs 39,700 per kg on increased offtake by industrial units and coin makers.

Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.

They said weakening rupee against the American currency that made the imports of dollar-quoted gold costlier, too influenced prices.

In Delhi, gold of 99.9 and 99.5 per cent purity added Rs 40 each to Rs 27,340 and Rs 27,140 per ten gram respectively. It had gained Rs 70 yesterday.

On the other hand, sovereign continued to be asked at last level of Rs 24,200 per piece of eight gram in scattered deals.

In line with overall trend, silver ready advanced by Rs 100 to Rs 39,700 per kg and weekly-based delivery edged up by Rs 25 to Rs 39,195 per kg. The white metal had gained Rs 65 in the previous session.

Silver coins also spurted by Rs 1,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.