Gold, silver extend gains on global cues, sustained buying

Saturday, 8 August,Mumbai: Rising for the second straight day, gold inched up by Rs 5 to Rs 25,175 per ten grams at the bullion market on Saturday in tandem with a firming global trend amid sustained buying by jewellers.

Silver followed suit and gained Rs 170 to Rs 34,300 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides a firming global trend, increased buying by jewellers mainly kept gold and silver prices higher.

Globally, gold rose 0.3% to US $1,093.80 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 and 99.5% purity inched up by Rs 5 each to Rs 25,175 and Rs 25,025 per ten grams, respectively. It had rallied by Rs 190 on Friday.

Sovereign, however, held steady at Rs 22,200 per piece of eight grams in limited deals.

In line with overall trend, silver ready advanced by Rs 170 to Rs 34,300 per kg and weekly-based delivery by Rs 395 to Rs 34,030 per kg.

Meanwhile, silver coins continued to be traded at previous level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.