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Updated: May 29, 2013 17:34 IST

Gold prices gain on firming global trend

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Gold prices gained Rs. 100 to Rs. 27,050 per ten gram in the national capital on Wednesday on the back of firming global trend.

On the other hand, silver lost Rs. 60 to Rs. 43,940 per kg on lack of follow up support.

Traders said gold prices rose on fresh buying by retailers and stockists, driven by a firming global trend, where the metal rose as lower prices lured some investors.

Gold in Singapore, which normally set price trend in domestic markets here, climbed 0.7 per cent to USD 1,390.30 an ounce, after losing 1.5 per cent on Tuesday.

Traders said silver remained weak on lack of necessary follow up support from industrial units and coin makers as the metal in overseas markets recorded its fourth consecutive monthly loss, the worst run since June.

In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs. 10 each to Rs. 27,050 and Rs. 26,850 per ten gram, respectively.

Sovereign held unchanged at Rs. 23,700 per piece of eight gram.

However, silver ready lost Rs. 50 to Rs. 43,940 per kg and weekly-based delivery by Rs. 150 to Rs. 43,210 per kg on reduced off take by speculators. Silver coins continued to be asked at the last level of Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.

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