Gold & silver extend gains on seasonal demand, global cues

Mumbai-India (Sept 24)  Gold prices rose further by Rs. 210 to Rs. 27,210 per ten gram in the national capital on Wednesday on increased buying by jewellers and retailers to meet upcoming festive and wedding season demand amid a firming global trend.

Silver followed suit and gained another Rs. 500 to Rs. 40,000 per kg on increased off take by industrial users and coin makers.

Traders said increased buying by jewellers and retailers to meet the coming festive and wedding season demand mainly kept precious metals higher.

They said a firming global trend on signs of more physical demand amidst escalating tensions in the Middle East also bolstered the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, traded at USD 1,224.50 an ounce from USD 1,223.42 on Tuesday and silver rose 0.4 per cent to USD 17.86 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs. 210 each to Rs. 27,210 and Rs. 27,010 per ten gram respectively. It had gained Rs. 150 on Tuesday.

Sovereign, however, remained steady at Rs. 24,200 per piece of eight gram in limited deals.

Similarly, silver ready rose further by Rs. 500 to Rs. 40,000 per kg and weekly-based delivery by Rs. 260 to Rs. 39,610 per kg. The white metal had gained Rs. 250 in the previous session.

Meanwhile, silver coins traded at last level of Rs. 69,000 for buying and Rs. 70,000 for selling of 100 pieces.

Source:  TheHindu