Gold, silver extend gains for third day on strong global cues

While gold inched up by Rs 5 to Rs 30,985 per 10 grams, silver spurted by Rs 1,000 to Rs 47,000 per kg.

Traders said sustained buying by stockists for the ongoing wedding season along with a firming global trend mainly kept gold and silver prices higher for the third straight day. File Photo

Gold and silver prices extended gains for the third straight day in the national capital on Saturday on sustained buying by stockists for the wedding season and a firming global trend.

While gold inched up by Rs 5 to Rs 30,985 per 10 grams, silver spurted by Rs 1,000 to Rs 47,000 per kg.

Traders said sustained buying by stockists for the ongoing wedding season along with a firming global trend mainly kept gold and silver prices higher for the third straight day.

Gold in New York, which normally sets the price trend on the domestic front, rose by 1.4 per cent to $1,318.60 an ounce and silver jumped 5 per cent to $21.42 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 5 each to Rs 30,985 and Rs 30,785 per 10 grams, respectively. It had gained Rs 230 in last two trades.

Sovereigns, however, held steady at Rs 25,400 per piece of eight grams.

Silver ready spurted by Rs 1,000 to Rs 47,000 per kg and weekly-based delivery by Rs 1,095 to Rs 46,610 per kg. The white metal had gained Rs 1,060 in the previous two sessions.

Silver coins also flared up by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.