HindustanTimes Mon,22 Sep 2014

Gold extends gains on global cues; silver end steady

PTI  New Delhi, July 12, 2014
First Published: 15:37 IST(12/7/2014) | Last Updated: 15:41 IST(12/7/2014)

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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