Gold, silver extend gains on global cues

Last Updated: Mon, Jan 07, 2013 10:55 hrs

New Delhi: Both gold and silver extended gains for the second day on Monday here on sustained buying by stockists and retailers amid firm global trends.

While gold added Rs 20 to Rs 31,160 per 10 grams, silver gained Rs 140 to Rs 58,040 per kg on rising demand among industrial units and coin makers.

Traders said sustained buying by stockists and retailers for the ensuing wedding season mainly kept gold and silver higher.

Gold in overseas markets, which normally set price trend on the domestic front, rose by 0.4 per cent to USD 1,662.50 an ounce and silver by 0.2 per cent to USD 30.27 an ounce in Singapore.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 31,160 and Rs 30,960 per 10 grams respectively. The metal had gained Rs 120 in the previous session.

Sovereign continued to be asked around previous level of Rs 25,450 per piece of eight gram.

In line with a general firming trend, silver ready gained Rs 140 to Rs 58,040 per kg and weekly-based delivery by Rs 325 to Rs 58,265 per kg on increased offtake by industrial units and coin manufacturers.

However, silver coin held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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