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Rediff News  All News  » Business » Gold, silver extend gains on firm global cues

Gold, silver extend gains on firm global cues

January 03, 2014 20:09 IST

Gold prices maintained an upward march for the third consecutive day by rising Rs 290 to Rs 30,490 per ten grams in the national capital on sustained buying by stockists amid a firm global trend.

Silver also extended its gains by jumping Rs 750 to Rs 45,500 per kg on increased buying by jewellery fabricators and industrial units.

Traders said sustained buying by stockists and jewellery fabricators for the wedding season mainly led an upward journey in bullion prices for the third day.

They said a firm global trend where gold recorded the best weekly gain since October on speculation that demand will increase in Asia, the largest consuming region, further fuelled the uptrend.

Shifting of funds from weakening equity to rising bullion and a weak rupee against dollar too boosted the sentiment, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 290 each to Rs 30,490 and Rs 30,290 per ten grams, respectively. It had gained Rs 400 in last two sessions. Sovereign remained stable at Rs 25,100 per piece of eight gram.

In a likewise manner, silver ready spurted by Rs 750 to Rs 45,500 per kg and weekly-based delivery by Rs 300 to Rs 45,480 per kg. The white metal had gained Rs 995 in previous two sessions.

However, silver coins held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces. 

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Tags: Asia