Gold extends gains on global cues, sustained jewellers buying

Tracking a firming global trend amid pick-up in buying by jewellers, gold further rose by Rs 70 to Rs 25,600 per ten grams at the bullion market today.
Silver followed suit and gained another Rs 50 to Rs 33,850 per kg on increased offtake from industrial units and coin-makers.
Bullion traders said a firm global trend where gold remained up as investors assessed the pace of future US interest-rate increase, which the Federal Reserve has stressed would be gradual, mainly boosted the sentiments here.
Globally, gold climbed 0.4 per cent to USD 1,070.36 an ounce in Singapore.
Besides, weakness in the dollar and increased buying by jewellers fuelled the uptrend in the precious metals, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 70 each to Rs 25,600 and Rs 25,450 per ten grams respectively. It had gained Rs 155 in Saturday's trade.

Sovereign, however, remained steady at Rs 22,200 per piece of eight grams in scattered deals.
In a similar fashion, silver ready edged up by Rs 50 to Rs 33,850 per kg and weekly-based delivery by Rs 10 to Rs 33,945 per kg.
On the other hand, silver coins were unaltered at Rs 47,000 for buying and Rs 48,000 for selling of 100 pieces in restricted activity.