Gold rose for the third straight day in the National Capital on Wednesday by adding Rs 40 to Rs 20,670 per ten grams on sustained buying amid firm global cues.
Silver rose further by Rs 500 to Rs 44,800 per kg in line with a rise of Rs 300 in the previous session as industrial units remained net buyers.
Trading sentiment remained bullish after gold gained for the third day in global markets on concerns over the pace of the U.S. economic recovery leading to a decline in the value of dollar, boosting the yellow metal’s appeal as an alternative investment option.
Gold in international markets, which normally sets a price trend on the domestic front, advanced 0.5 per cent to USD 1,375.18 an ounce and silver by 1.5 per cent to USD 29.28 an ounce, the highest level since January 13.
On the domestic front, silver ready remained in demand and jumped up by Rs 500 to Rs 44,800 per kg and weekly-based delivery spurted by Rs 670 to Rs 44,650 per kg. Silver coins followed suit and gained Rs 200 to Rs 50,600 for buying and Rs 50,700 for selling of 100 pieces.
In line with a general firm trend, gold of 99.9 and 99.5 per cent purity added by Rs 40 each to Rs 20,670 and Rs 20,550 per ten grams. Gold had gained Rs 95 per ten grams in the last two sessions. However, sovereign remained stable at Rs 16,900 per piece of eight grams in restricted buying.
Keywords: Bullion rate