Gold extends gains on positive global cues, seasonal buying

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New Delhi | April 29, 2015 3:28 PM

Riding high on firming global trend and marriage season demand, gold extended its yesterday's gains by rising Rs 65 to trade at Rs 27,420 per ten gm.

Gold bullion marketRiding high on firming global trend and marriage season demand, gold extended its yesterday’s gains by rising Rs 65 to trade at Rs 27,420 per ten gm. (Reuters)

Riding high on firming global trend and marriage season demand, gold extended its yesterday’s gains by rising Rs 65 to trade at Rs 27,420 per ten gramme at the bullion market today.

Silver also rose further by Rs 100 to Rs 37,600 per kg on pickup in demand from industrial units and coin makers.

Traders said apart from a firming trend overseas, increased buying by jewellers, driven by marriage season, mainly kept the precious metal prices higher.

Gold in New York, which normally determines price trend on the domestic front, rose by 0.84 per cent to USD 1,211.80 an ounce in yesterday’s trade ahead of outcome of the US Federal Reserve two-day meeting later today. Silver also up by 1.25 per cent to USD 16.61 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity added another Rs 65 each to Rs 27,420 and Rs 27,270 per 10 gramme, respectively. The precious metal had surged by Rs 305 in the previous session.

However, sovereign continued to be enquired at last level of Rs 23,700 per piece of eight gramme in limited deals.

Following gold, silver ready traded higher by Rs 100 to Rs 37,600 per kg and weekly-based delivery by Rs 235 to Rs 37,290 per kg.

On the other hand, silver coins remained steady at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

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