Gold, silver extend gain on firm global cues

Rising for the fourth day in a row, gold prices rose further by Rs 75 to Rs 31,250 per 10 grams at the bullion market today, tracking a firming trend overseas along with increased buying by jewellers' at the domestic spot market.

Silver also regained the Rs 46,000-mark rising by Rs 400 to Rs 46,200 per kg on the back of increased off-take by industrial units and coin makers.

Sentiment remained firm on positive global cues after the Bank of Japan unveiled an overhaul of monetary policy today, pledging to double down on its attempts to stoke inflation and support the country's economy, boosting the dollar against the yen in the first of the day's major monetary-policy announcements.
 

Moreover, increased buying by jewellers also supported the upmove in the precious metal prices, traders said.

Globally, gold rose 0.33 per cent to USD 1,318.90 an ounce and silver 0.83 per cent to USD 19.36 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 75 each to Rs 31,250 and Rs 31,100 per 10 grams, respectively. It had gained Rs 175 in the previous three sessions.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

Following gold, silver ready advanced by Rs 400 to Rs 46,200 per kg while weekly-based delivery by Rs 455 to Rs 46,605 per kg.

Silver coins, however, held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.