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Gold extends gains for second day on sustained buying

Source : PTI
Last Updated: Fri, Feb 08, 2013 10:38 hrs
A shop assistant displays gold bangles for the camera at a jewellery store in Singapore

Gold prices extended gains for the second straight day by adding Rs 50 to Rs 31,050 per ten grams in the national capital on Friday on sustained buying by retailers for the ongoing marriage season.

However, silver lacked necessary buying support from industrial units and coin makers and lost Rs 200 to Rs 58,600 per kg.

Marketmen said sustained buying by retailers to meet ongoing marriage season demand mainly helped gold prices to extend gains for the second straight day.

Shifting by some investors from weakening equity to rising bullion as a safe haven further fuelled the uptrend in gold, they said.

Lack of buying support from industrial units and coin makers kept pressure on silver prices, they added.

The gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 31,050 and Rs 30,850 per ten grams respectively, after gaining Rs 150 yesterday. However, sovereign held steady at Rs 25,350 per piece of eight gram in thin trade.

On the other hand, silver ready declined by Rs 200 to Rs 58,600 per kg and weekly-based delivery by Rs 120 to Rs 58,280 per kg. Silver coins continued to be asked at last level of Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces.




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