Gold, silver rise for 3rd day on seasonal demand, global cues

Last Updated: Tue, Nov 20, 2012 09:48 hrs

New Delhi: Gold prices shot up by Rs 250 to Rs 32,450 per 10 gm in the national capital on Tuesday , extending gains for the third straight day on sustained buying by stockists and retailers for the ongoing marriage season amid a firming global trend.

In line with the general firming trend, silver shot up by Rs 600 to Rs 62,000 per kg on increased offtake by jewellers and coin makers.

Bullion merchants said sentiment remained bullish as stockists and retailers increasing their holdings to meet the ongoing marriage season demand.

They said the market sentiment further bolstered as precious metals surged in overseas markets as investors increased their holdings following unrest in the Middle East.

Gold in Singapore, which normally set price trend on the domestic front here, gained 0.2 per cent to USD 1,734.50 an ounce and silver by 0.3 per cent to USD 33.22 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity maintained its gaining streak for the third day in a row by climbing Rs 250 each to Rs 32,450 and Rs 32,250 per 10 gm, respectively. The metal had gained Rs 200 in last two sessions. Sovereign followed suit and rose by Rs 50 to Rs 25,550 per piece of eight gram.

Silver ready strengthened by Rs 600 to Rs 62,000 per kg and weekly-based delivery by Rs 635 to Rs 61,715 per kg. The white metal had gained Rs 400 in last two days.

Silver coins also sky-rocketed by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces on higher marriage season demand.

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