Precious metals up on global cues

Gold rose further by Rs 160 to Rs 22,430 per 10 gms, while silver added another Rs 450 to Rs 54,150 a kg on Thursday on increased buying by stockists and speculators, supported by a firming global trend. Silver coins followed suit and spurted by Rs 1,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces. Trading sentiments bolstered on a rising trend overseas as deepening European sovereign debt concerns boosted demand for the precious metals as an alternative investment. Gold in global markets, which normally sets a price trend on the domestic front, rose by $1.35 to $1,530.25 an ounce. Silver gained 0.2 per cent to $35.95 an ounce.