Gold, silver up on firm global cues

Last Updated: Mon, Mar 18, 2013 09:51 hrs

Both the precious metals, gold and silver, traded higher here on Monday on fresh buying by stockists driven by a firming global trend.

While gold rose by Rs 90 to Rs 30,100 per 10 grams, silver by Rs 175 to Rs 54,650 per kg on increased offtake by jewellery fabricators and industrial units.

The trading sentiment improved as gold rose above USD 1,600 an ounce for the first time this month in overseas markets concerned over deepening euro-zone debt crisis and boosted haven demand.

Gold prices in Singapore, which normally sets the price trend on the domestic front, jumped 1.1 per cent to USD 1,608.60 an ounce, the most expensive since February 27. Silver rose by 0.5 per cent to USD 28.90 an ounce.

In addition, fresh buying by stockists and shifting of investor's funds from weakening equity to rising bullion further supported the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 90 each to Rs 30,100 and Rs 29,900 per 10 grams, respectively. It had gained Rs 80 in the previous session. Sovereigns followed suit and went up by Rs 50 to Rs 25,300 per piece of eight grams.

In line with a general firm trend, silver ready moved up by Rs 175 to Rs 54,650 per kg while weekly-based delivery declined by Rs 130 to Rs 54,170 per kg on lack of support.

Silver coins spurted by Rs 1000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

More from Sify: