Gold, silver extend gains on jewellers' buying

Traders said peristent buying by jewellers to meet wedding season demand kept precious metal high

Continuing its rising streak for the third straight day, gold advanced by another Rs 30 to Rs 29,880 per 10 gram today on sustained buying by jewellers to meet wedding season demand even as metal weakened overseas.

Silver also edged higher by Rs 50 to Rs 43,450 per kg on increased offtake by industrial units and coin makers.

Traders said persistent buying by local jewellers to meet ongoing wedding season demand mainly kept the precious metal higher, but a weak trend overseas capped the losses.

Globally, gold fell 0.32 per cent to $1,234.60 an ounce and silver 0.64 per cent to $17.95 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 30 each to Rs 29,880 and Rs 29,730 per 10 grams, respectively. It had gained Rs 225 in the previous two days.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.

Silver ready also moved up by Rs 50 to Rs 43,450 per kg and weekly-based delivery by Rs 75 to Rs 42,935 per kg.

Silver coins, however, continued to be traded at previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.