Gold rises for fourth-day on global cues, local buying

Gold prices maintained an upward trend for the fourth-straight day by adding Rs 200 to Rs 27,600 per 10 grams in the national capital today on sustained buying by stockists and retailers.
However, silver lacked necessary follow up support and dropped by Rs 800 to Rs 45,000 per kg.
Traders said increased buying by stockists and retailers for the marriage season and a firming global trend mainly kept an upward movement in gold prices.
Gold in New York, which normally set price trend on the domestic front, shot up by USD 19.80 to USD 1426.30 an ounce last night.
On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 200 each to Rs 27,600 and Rs 27,400 per 10 grams, respectively. It had gained Rs 1,050 in last three sessions.

Sovereign, however, held steady at Rs 24,100 per piece of eight gram in scattered deals.
On the other hand, silver ready dropped by Rs 800 to Rs 45,000 per kg and weekly-based delivery by Rs 1020 per kg.The white metal had gained Rs 500 yesterday.
Silver coins also plunged by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.