Gold extends gains on global cues; silver end steady

  • PTI, New Delhi
  • |
  • Updated: Jul 12, 2014 15:41 IST

Continuing its rising streak for the fourth consecutive day, gold prices gained another Rs 50 to trade at Rs 28,730 per ten gram in the national capital on Saturday, taking positive cues from overseas markets amid persistent buying by stockists.

Silver, however, held steady at Rs 46,000 per kg on scattered buying by industrial units.

Traders said besides continued buying by stockists and jewellers, a firming global trend as concerns about Europe's economy and the Middle East boosted haven demand, mainly influenced gold prices.

Gold in New York, which normally sets price trend on the domestic front, rose 0.28%, to $1339.00 an ounce in New York on Saturday.

In Delhi, gold of 99.9% and 99.5% purity added another Rs 50 each to Rs 28,730 and Rs 28,530 per ten gram respectively. It had gained Rs 620 in last three sessions.

Sovereign, however, remained flat at Rs 24,900 per piece of eight gram in limited deals.

On the other hand, silver ready held steady at Rs 46,000 per kg while weekly-based delivery declined by Rs 75 to Rs 46,065 per kg on lack of speculators buying support.

Silver coins spurted by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

 

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