Gold, silver extend gains on rising global trend

Gold rose for the second day today adding Rs 275 to trade at Rs 28,190 per 10 gram at the bullion market here on buying by stockists and investors who took cues from firm global markets.

Silver too extended gains for the second day and traded at Rs 65,100 per kg, a gain of Rs 600 over the last day.

Trading sentiment remained bullish as gold jumped the most in almost four weeks in global markets after a weak US economic report.

Gold in global markets, which normally set price trend on the domestic front, recorded a handsome gain of 58.80 dollar to 1,884.20 dollar an ounce and silver jumped up by 4.22% to 43.25 dollar an ounce.

Besides, some buying for the coming marriage season further fuelled the uptrend in the precious metals prices.

On the domestic front, gold of 99.9 and 99.5% purity rallied to Rs 28,190 and Rs 28,050 per ten grams against last close of Rs 27,915 and Rs 27,765.

Sovereign followed suit and added Rs 100 to Rs 22,600 per piece of eight gram.

Silver ready added Rs 600 to trade at Rs 65,100 per kg and weekly-based delivery spurted by Rs 2,615 to Rs 65,835 per kg. Silver coins also shot up by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.