Gold extends gains on stockists buying, global cues

Last Updated: Sat, Apr 12, 2014 12:40 hrs

Gold prices today maintained an upward march for the fifth straight session by gaining Rs 80 to Rs 29,980 per ten gram on increased stockists buying triggered by firm global trend.

Silver also rose by 150 to Rs 43,750 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by stockists for the ongoing marriage season amid a firm global trend, as investors weighed the outlook for US stimulus and tension in Ukraine, mainly boosted the sentiment.

Gold in New York, which normally sets price trend on the domestic front, added 0.2 per cent to USD 1,322.70 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 80 each to Rs 29,980 and Rs 29,780 per ten gram, respectively. It had gained Rs 665 in last four days. Sovereign went up by Rs 100 to Rs 25,000 per piece of eight gram.

Silver ready also moved up by Rs 150 to Rs 43,750 per kg while weekly-based delivery traded lower by similar margin at Rs 43,180 per kg.

On the other hand, silver coins held steady at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

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