Gold, silver extend gains on festive demand

Nov 06, 2012 |

mumbai

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Both the precious metals, gold and silver, extended gains for the second straight day in the national capital on Tuesday on sustained buying by stockists and retailers for the festive season even a weak global trend.

While gold shot up by Rs. 270 to Rs. 31,350 per 10 grams, silver gained Rs. 800 to Rs. 59,000 per kg.

Traders said sustained by stockists and jewellers for the festive season, mainly kept gold and silver higher for the second straight day.

They said the upsurge in the metal prices was partly capped as the gold fell to 9-week low in the New York market, which normally set price trend on the domestic front.

Gold of 99.9 and 99.5 per cent purity rose by Rs. 270 each to Rs. 31,350 and Rs. 31,150 per 10 grams, respectively, in continuation to a gain of Rs. 130 on Monday. Sovereigns remained steady at Rs. 25,450 per piece of eight grams in limited deals.

In line with a general firming trend, silver ready rose further by Rs. 800 to Rs. 59,000 per kg and weekly-based delivery by Rs. 750 to Rs. 58,650 per kg, while silver coins held steady at Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.

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