Gold extended gains for the second straight session on Saturday and rose by Rs 45 to Rs 27,165 per 10 grams on sustained buying by stockists and jewellers to meet the seasonal demand, amid a firming global trend.
However, silver continued to slide for the third day by losing Rs 250 to Rs 53,550 per kg on sluggish demand from industrial units. It had lost Rs 800 in the last two sessions.
Sentiments in gold remained firm after it gained in overseas markets on concern about Europe’s debt crisis and increased domestic demand ahead of ‘Diwali’
Gold in global markets, which normally sets the price trend on the domestic front, added $13.20 to $ 1,679.80 an ounce in New York.
Besides, fresh buying by stockists and jewellers to meet the ongoing festivals further fuelled the uptrend.
On the domestic front, gold of 99.9 and 99.5 per cent added Rs 45 each to Rs 27,165 and Rs 27,025 per 10 grams. The metal had gained Rs 110 on Friday.
Sovereigns held steady at Rs 22,000 per piece of eight grams in limited deals.
On the other hand, silver ready remained under selling pressure and declined by Rs 250 to Rs 53,550 per kg, while silver weekly-based delivery rose by Rs 160 to Rs 53,370 per kg on speculative support.
Silver coins continued to be asked around previous level of Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.
Keywords: bullion market