Gold rises further to Rs 22,630 on seasonal demand

Gold rose further by Rs 45 to Rs 22,630 per 10 grams today on sustained local buying support despite a weakening global trend, while silver met with resistance at high levels and shed Rs 50 to settle at Rs 53,550 per kg.  

Market analysts said sustained local buying for the marriage season helped gold prices to strengthen further, while silver declined on lack of any support at existing high levels.

Retailers and jewellers buying gold to meet the seasonal demand reduced the impact of global weak trend on the yellow metal's prices in the domestic market. 

The metal in international markets, which normally sets the price trend on the domestic front, dropped 0.3% to $1,525.73 an ounce. 

 

On the domestic front, gold of 99.9 and 99.5% purity advanced by Rs 45 each to Rs 22,630 and Rs 22,510 per 10 grams, respectively. The metal had gained Rs 90 in the previous session.

Sovereigns remained unchanged at previous closing of Rs 18,700 per piece of eight grams.

However, silver ready declined by Rs 50 to Rs 53,550 per kg and weekly-based delivery by Rs 120 to Rs 53,150 per kg. Silver coins remained steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.