Gold rises further; up Rs 150

July 26, 2012 05:03 pm | Updated 05:04 pm IST - New Delhi

Gold rose for the sixth straight session and gained Rs 150 to Rs 30,310 per 10 grams on Thursday on sustained buying ahead of the festive and marriage season amid a firming global trend.

Silver followed suit and extended gains for the second day by adding Rs 400 to Rs 53,050 per kg on increased offtake by industrial units and coin makers.

The trading sentiment in precious metals remained bullish as stockists and jewellers remained net buyers for the metal to meet the upcoming festive and marriage season demand, traders said.

They said in the global markets, gold gained the most in more than three weeks on speculation that European leaders may take further steps to tame the debt crisis also bolstered the sentiment.

In New York, gold shot up by $ 23.70 to $1,604.80 an ounce and silver by 1.41 per cent to $ 27.34 an ounce.

Some funds seen shifting from weakening equities to firming bullion was another supporting factor for the bullion.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 150 to Rs 30,310 and Rs 30,110 per 10 grams, respectively. The metal had gained Rs 530 in last five trading sessions.

Similarly, silver ready surged by Rs 400 to Rs 53,050 per kg and weekly-based delivery by Rs 380 to Rs 53,350 per kg. It had gained Rs 100 yesterday.

Silver coins also spurted by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces on upsurge in festive demand.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.