Gold maintains upward trend on jewellers' buying, global cues

Continuing its upward trend for the 8th straight day, gold rose further by Rs 20 to Rs 26,220 per ten grams at the bullion market today on sustained buying by jewellers and firming trend overseas.
Silver followed suit and gained Rs 270 to Rs 36,400 per kg.
Bullion traders said besides persistent buying by jewellers to meet seasonal demand, a firming global trend after China increased its bullion reserves and billionaire Stan Druckenmiller bought the metal, mainly aided the sentiments.
Besides, a deprecating rupee against the dollar to almost two-year low of 65.28 (intra-day), making imports expensive too gave push to rising gold prices, they said.

Globally, gold added 0.4 per cent to USD 1,119.20 an ounce and silver added 0.4 per cent to USD 15.30 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 26,220 and Rs 26,070 per ten grams, respectively. It had gained Rs 1,220 in the previous seven sessions.

Sovereign, however, held steady at Rs 22,400 per piece of eight grams.
In a similar fashion, silver ready rose by Rs 270 to Rs 36,400 per kg while weekly-based delivery shed Rs 40 at Rs 35,900 per kg.
Silver coins fell by Rs 1,000 to Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.