Gold extends gains on sustained buying, firm global cues

Gold prices extended gains for the second straight day by adding Rs 205 to reach Rs 31,525 per ten grams here today on sustained buying for the ongoing marriage season amid a firming global trend.
Silver also strengthened by Rs 175 to Rs 45,075 per kg on increased offtake by industrial units and coin makers.
Traders said sustained buying by stockists and retailers to meet the ongoing marriage season demand amid a firming global trend mainly helped gold prices to extend gains.
Gold in New York, which normally sets price trend on the domestic front, rose by one per cent to USD 1,250.40 an ounce and silver by 1.8 per cent to USD 20.03 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 205 each to Rs 31,525 and Rs 31,325 per ten grams, respectively. It had gained Rs 105 yesterday. Sovereign held steady at Rs 25,200 per piece of eight gram.
Similarly, silver ready rose by Rs 175 to Rs 45,075 per kg and weekly-based delivery by Rs 195 to Rs 44,275 per kg. The white metal had gained Rs 100 in the previous session.
Silver coins also spurted by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.