Gold extend gains, rises by Rs 45 to Rs 18,700/10g

Gold prices strengthened by Rs 45 to Rs 18,700 per ten grams in the national capital today on speculative buying, even though the metal was being traded lower in overseas markets.

Marketmen said speculative buying mainly pushed up gold prices, inspite of a dearth of demand from retail customers and jewellers at existing higher levels.Even falling gold prices in Asia failed to influence the trading sentiment at home, they said.

Gold of 99.99 per cent and 99.5 per cent purity gained Rs 45 each on account of speculative buying to 18,700 and Rs 18,600 per ten grams respectively. The metal had gained Rs 55 on Friday. Sovereigns followed suit and rose by Rs 25 to Rs 14,700 per piece of eight grams.

On the other hand, silver ready lacked buying support and declined by Rs 100 to Rs 29,050 per kg, while weekly-based delivery lost Rs 5 to Rs 28,865 per kg.

However, the price of silver coins held steady at Rs 34,100 for buying and Rs 34,200 for selling of 100 pieces.