Gold, silver gain on seasonal demand, global cues

Both gold and silver extended gains for the second straight day in the bullion market here today on sustained buying by stockists to meet the marriage season demand amid a firming global trend.

While gold rose by Rs 45 to Rs 28,940 per 10 grams, silver gained by Rs 200 to Rs 58,450 per kg on increased offtake by jewellers and industrial units.

Market experts said sustained buying by stockists for the marriage season amid a firming global trend helped both gold and silver prices to move up.

In Singapore, gold rose by USD 7.60 to USD 1,775.70 an ounce, while silver added by 0.48 per cent to USD 35.63 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 45 each to Rs 28,940 and Rs 28,800 per kg, respectively. The metal had gained Rs 30 yesterday.

Sovereigns remained stable at Rs 23,500 per piece of eight grams on limited deals.

Silver ready rose by Rs 200 to Rs 58,450 per kg, while weekly-based delivery shed Rs 20 to Rs 58,650 per kg.

Silver coins held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.