Gold extends gains on seasonal buying, global cues

Last Updated: Mon, Feb 03, 2014 11:26 hrs

Gold prices extended gains for the second day by adding Rs 50 to Rs 30,400 per ten gram in the national capital on Monday on sustained buying amid a firming Asian trend.

Silver also inched up by Rs 10 to Rs 43,610 per kg on scattered enquiries from industrial units.

In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 30,098 and Rs 29,947 per ten gram, while silver enquired at Rs 44,400 per kg.

Traders said sustained marriage season buying and a firming Asian trend, as falling equity markets boosted demand for haven assets, mainly led to rise in gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.2 per cent to USD 1,247.21 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 30,400 and Rs 30,200 per ten gram, respectively. It had gained Rs 60 in last trade.

Sovereign,however, lacked necessary support and shed Rs 50 to Rs 25,200 per piece of eight gram.

Silver ready inched up by Rs 10 to Rs 43,610 per kg and weekly-based delivery by Rs 35 to Rs 43,335 per kg, while silver coins held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

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