Gold Extends Gains on Seasonal Demand, Global Cues

Published: 02nd March 2015 03:55 PM  |   Last Updated: 02nd March 2015 03:55 PM   |  A+A-


NEW DELHI: Gold prices maintained its upward journey for the second day with a gain of another Rs 180 to Rs 27,300 per 10 gm today, supported by increased buying and a firming trend overseas.         

Silver also moved up by Rs 400 to Rs 37,600 per kg on increased offtake by industrial units and coin makers.         

Traders said increased buying by jewellers and retailers, triggered by wedding season demand and a firming global trend, mainly kept precious metals higher.       

Globally, the precious metal advanced to the highest level in almost two weeks, after China announced a second interest-rate cut in three months and the US reported a slower pace of economic expansion than estimated, traders said.         

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.8 per cent to USD 1,223.34 an ounce, the highest since February 17 and silver by 0.9 per cent to USD 16.74 an ounce.            

In the national capital, gold of 99.9 and 99.5 per cent purity flared up by Rs 180 each to Rs 27,300 and Rs 27,100 per 10 gram, respectively. It had gained Rs 120 in the previous session.        

Sovereign, however, held steady at Rs 23,700 per piece of eight gram on some support.           

In line with a general firm trend, silver ready rose by Rs 400 to Rs 37,600 per kg and weekly based delivery by Rs 530 to Rs 37,085 per kg.  

Silver coins spurted by Rs 1,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 piece on ˜s3 in wedding season demand.

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