Gold gains for fourth straight session on global cues

Last Updated: Fri, Apr 11, 2014 11:45 hrs

Gold prices moved up for the fourth straight session by adding Rs 200 to Rs 29,900 per ten gram in the national capital on Friday on sustained buying by stockists influenced by firming global trend.

However, silver held steady at Rs 43,600 per kg in the absence of any worthwhile support from industrial units and coin makers.

Traders said sustained buying by stockists in line with a firming global trend mainly boosted the sentiment.

Gold in Singapore, which sets price trend on the domestic front, traded at USD 1,320.14 an ounce from USD 1,318.95 and silver added 0.1 per cent to USD 20.06 an ounce.

Weak rupee against the dollar which makes the gold import costlier and shifting of funds from weak equities to rising bullion also influenced the sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 200 each to Rs 29,900 and Rs 29,700 per ten gram respectively. It had gained Rs 465 in last three sessions. Sovereign, however, ruled flat at Rs 24,900 per piece of eight gram.

On the other hand, silver ready held steady at Rs 43,600 per kg while weekly-based delivery traded higher by Rs 100 to Rs 43,330 per kg. Silver coins continued to be asked around previous level of Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

More from Sify: