Gold extends gains on jewellers buying, positive global cues

Supported by pickup in demand from jewellers and firming trend overseas, gold prices rose by Rs 20 to Rs 27,050 per ten grams at the bullion market on Tuesday.

However, silver fell by Rs 200 to Rs 37,300 per kg due to lack of necessary buying support from industrial units.

Traders said apart from increased buying by jewellers, a firming global trend, mainly kept gold prices higher.

Gold in Singapore, which normally sets price trend on the domestic front, added 0.3 per cent to $1,177.68 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 27,050 and Rs 26,900 per ten grams, respectively.

It had gained Rs 80 yesterday. Sovereign, however, met with resistance and declined by Rs 200 to Rs 23,400 per piece of eight gram.

On the other hand, silver ready fell by Rs 200 to Rs 37,300 per kg and weekly-based delivery by Rs 185 to Rs 36,940 per kg.

Meanwhile, silver coins were well maintained at previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.