Gold, silver extend gains on investors' offtake

Gold prices extended gains for the second day at the domestic bullion market here on good investors and traders offtake amidst higher global trend.
Silver surged to regain Rs 42,000 per kg level on sustained speculative demand.
Standard gold of 99.5 per cent purity strengthened by Rs 90 to end at Rs 26,320 per 10 gm from Tuesday's closing level of Rs 26,230.
Pure gold of 99.9 per cent purity also hardened by a similar margin to finish at Rs 26,460 per 10 gm from Rs 26,370.
Silver ready (.999 fineness) climbed by Rs 635 to close at Rs 42,150 per kg as against Rs 41,515 previously.

"Weakening rupee is also aiding the pull-over in gold," a dealer said.

Overseas, the precious metals edged up as renewed focus on debt crisis in Greece and Portugal weighed on equities and possibly leading to some higher demand for gold, but gains were kept in check by steady dollar and any further signs of an end to US monetary easing.
Gold plunged to three-year low to hit below USD 1,200 an ounce mark last week on speculation that Federal Reserve will scale back its bullion-friendly bond buying programme.
In London, spot gold was bid up at USD 1,245.58 an ounce in early trade and silver bid higher at USD 19.51 an ounce.