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Updated: February 3, 2014 17:03 IST

Gold extends gains on seasonal buying, global cues

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Gold prices extended gains for the second day by adding Rs. 50 to Rs. 30,400 per ten gram in the national capital on Monday on sustained buying amid a firming Asian trend.

Silver also inched up by Rs. 10 to Rs. 43,610 per kg on scattered enquiries from industrial units.

In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs. 30,098 and Rs. 29,947 per ten gram, while silver enquired at Rs. 44,400 per kg.

Traders said sustained marriage season buying and a firming Asian trend, as falling equity markets boosted demand for haven assets, mainly led to rise in gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.2 per cent to $1,247.21 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs. 50 each to Rs. 30,400 and Rs. 30,200 per ten gram, respectively. It had gained Rs. 60 in last trade.

Sovereign, however, lacked necessary support and shed Rs. 50 to Rs. 25,200 per piece of eight gram.

Silver ready inched up by Rs. 10 to Rs. 43,610 per kg and weekly-based delivery by Rs. 35 to Rs. 43,335 per kg, while silver coins held steady at Rs. 85,000 for buying and Rs. 86,000 for selling of 100 pieces.

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