Gold up Rs 140 on stockists buying, firm global cues

Extending gains for the third straight session, gold prices today rose by Rs 140 to Rs 30,240 per 10 grams here on increased stockists buying driven by a firming global trend.
Silver also gained Rs 150 to Rs 54,800 per kg on increased offtake by industrial units and coin makers.
The sentiment remained higher as gold held above USD 1,600 an ounce, near to highest level this month in global markets, before the US Fed begins a two-day policy meeting.
Gold in New York, which normally sets the price trend on the domestic front, traded higher by USD 12.90 to USD 1,605.80 an ounce, the highest level since February 27.

In addtion, increased buying by stockists and investors shifting funds from weakening equity to rising bullion further supported the upsurge.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 140 each to Rs 30,240 and Rs 30,040 per 10 grams respectively. The yellow metal had gained Rs 170 in the previous two sessions.

Sovereigns held steady at Rs 25,300 per piece of eight grams in scattered deals.
In line with a general firm trend, silver ready rose further by Rs 150 to Rs 54,800 per kg and weekly-based delivery by Rs 230 to Rs 54,400 per kg. The white metals had gained Rs 175 yesterday.

Meanwhile, silver coins remained steady at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.