Gold price and silver extend gains on global cues, jewellers buying

Mumbai-India (Apr 30)  Gold edged higher by Rs 50 to Rs 30,300 per 10 grams at the bullion market on Saturday, tracking a firming trend overseas along with sustained buying by jewellers at domestic front.

Silver too spurted by Rs 250 to Rs 41,850 per kg on strong demand from industrial units and coin makers.

Bullion traders said sentiments remained bullish on the back of a firming trend overseas as the dollar tumbled to a 11—month low after the Bank of Japan unexpectedly held off on expanding monetary stimulus, boosting the appeal of alternative assets.

Gold in New York, which normally determines the price trend in the domestic market, surged by 2.05 per cent to USD 1,292.40 an ounce and silver by 1.65 per cent to USD 17.82 an ounce in yesterday’s trade.

In addition, continued buying by jewellers and retailers to meet the ongoing wedding season demand supported the upside.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 30,300 and Rs 30,150 per ten grams respectively.

The precious metal had gained Rs 675 in the previous three sessions.

Sovereign, however, remained steady at Rs 23,300 per piece of eight grams in limited deals.

Silver ready too strengthened by Rs 250 to Rs 41,850 per kg and weekly—based delivery by Rs 130 to Rs 41,565 per kg.

Silver coins also zoomed by Rs 2,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

Source: TheHindu