Gold extends gain for third day on sustained buying

Gold prices extended gains for the third day by adding Rs 50 to Rs 28,475 per ten grams in the national capital today on sustained buying by stockists.

However, silver fell further by Rs 230 to Rs 41,000 per kg on reduced offtake by industrial units and coin makers.

Shifting of funds from weakening equity to rising bullion further fuelled the uptrend in gold, they said.

Traders said sustained buying by stockists helped gold prices to extend gains for the third straight session.

However, reduced offtake by industrial and coin makers kept pressure on silver prices, they said.

On the domestic front, gold of 88.8 and 88.5% purity rose further by Rs 50 each to Rs 28,475 and Rs 28,275 per ten grams, respectively. It had gained Rs 605 in the previous two sessions. Sovereign held steady at Rs 24,400 per piece of eight gram.

On the other hand, silver ready fell further by Rs 230 to Rs 41,000 per kg and weekly-based delivery by Rs 219 to Rs 40,800 per kg. The white metal had lost Rs 120 in last trade.

Silver coins held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.