Gold, silver extend gains on global cues, jewellers' buying

Globally, gold rose by 0.55% to $1,269.50 an ounce and silver by 1.32% to $17.23 an ounce in New York yesterday

Rising for the third straight day, price of gold surged by Rs 180 to 29,350 per 10 gram at the bullion market today in line with a firming trend overseas and increased buying by jewellers in domestic spot market.

Silver also advanced by Rs 350 to Rs 40,850 per kg on pick up in demand from industrial units and coin makers.

Bullion traders said besides firming trend overseas, increased buying by jewellers and retailers at domestic spot market mainly kept both gold and silver prices higher.

Globally, gold rose by 0.55% to $1,269.50 an ounce and silver by 1.32% to $17.23 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5%purity climbed by Rs 180 each to Rs 29,350 and Rs 29,200 per ten grams respectively. The metals had gained Rs 140 in last two days.

Sovereign also moved up by Rs 100 to Rs 23,000 per piece of eight grams.

Tracking gold, silver ready rose further by Rs 350 to Rs 40,850 per kg and weekly-based delivery by Rs 135 to Rs 40,815 per kg.

Silver coins too spurted by Rs 1,000 to Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.