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Updated: April 23, 2014 19:03 IST

Gold, silver rise on seasonal demand, global cues

PTI
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Gold prices rose by Rs 190 to Rs 30,440 per ten grams at the bullion market on Wednesday following sustained buying by stockists on pick-up in seasonal demand amid firm global trend.

Silver also rose by Rs 470 to Rs 43,300 per kg on increased offtake by industrial units and coin makers.

Bullion merchants said sustained buying by stockists on the back of pick-up in seasonal demand and a firm global trend mainly led to the rise in gold and silver prices.

Gold in Singapore, which normally sets price trend on the domestic front, inched up by 0.05 per cent to USD 1,284.30 and silver by 0.39 per cent to USD 19.46.

Weakening rupee against the US dollar which makes the import of precious metals expensive further boosted the sentiment, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity shot up by Rs 190 each to Rs 30,440 and Rs 30,240 per ten grams, respectively. It had gained Rs 210 yesterday.

Sovereign, however, remained flat at Rs 24,900 per piece of eight grams.

In a similar fashion, silver ready rose further by Rs 470 to Rs 43,300 per kg and weekly-based delivery by Rs 345 to Rs 42,475 per kg. The white metal had gained Rs 230 in the previous session.

On the other hand, silver coins remained steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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