Gold extends gains on global cues, wedding season demand

Gold extended gains for the second straight day by adding another Rs 10 to Rs 29,725 per 10 grams today, mainly driven by a firm global trend and pick up in wedding season demand from local jewellers and retailers.
Silver also strengthened by Rs 40 to Rs 41,840 per kg due to increased off-take by industrial units and coin makers.
Bullion traders said a firming trend overseas where gold rose to the highest since November after protectionist signals from Donald Trump's unsettled financial markets and weakened the dollar, which triggered demand for the metal as a safe haven.
Globally, gold rose 0.64 per cent to USD 1,217.70 an ounce and silver 0.82 per cent to USD 17.20 an ounce in New York yesterday.

Besides, pick up in buying by local jewellers to meet ongoing wedding season demand at domestic spot market also supported the uptick, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 10 each to Rs 29,725 and Rs 29,575 per 10 grams, respectively. The precious metal had gained Rs 140 yesterday.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams.
In step with gold, silver ready inched up by Rs 40 to Rs 41,840 per kg and weekly-based delivery by Rs 15 to Rs 41,670 per kg.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.