Gold, silver up on sustained buying

Both the precious metals, gold and silver, on Monday rose further in the bullion market on sustained buying by stockists amid a firm global trend.

While gold rose by Rs. 45 to Rs. 26,475 per 10 grams, silver was up by Rs. 200 to Rs. 41,200 per kg on increased off take by jewellers and coin makers.

Traders said sustained buying by stockists and retailers amid a firm global trend, where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.

Gold in Singapore, which normally sets the price trend on the domestic front, rose by 1.1 per cent to USD 1,248.12 an ounce and silver by 2.3 per cent to USD 20.10, the highest since June 24.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs. 45 each to Rs. 26,475 and Rs. 26,275 per 10 grams, respectively. It had gained Rs. 780 on Saturday.

Sovereigns rose by Rs. 200 to Rs. 23,800 per piece of eight grams.

In line with a general firm trend, silver ready rose further by Rs. 200 to Rs. 41,200 per kg and weekly-based delivery by Rs. 650 to Rs. 40,900 per kg. The white metal had climbed Rs. 1,990 in the previous session.

Silver coins also spurted by Rs. 1,000 to Rs. 78,000 for buying and Rs. 79,000 for selling of 100 pieces.

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Printable version | Jan 18, 2022 6:09:10 PM |

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