Gold up by Rs 20 on global cues; silver gains Rs 200

Gold jewellery being displayed at a show room in Chennai. A file photo: R. Raghu.

Gold rose further by Rs 20 to Rs 30,830 per 10 grams in the national capital on Saturday on sustained buying driven by a firming global trend.

Also, silver extended gains for the fifth-straight day by gaining Rs 200 to Rs 47,200 per kg on increased offtake by industrial units and coin makers.

Traders attributed the rise in gold to a firming global trend, where gold climbed to six-month high as mounting tensions between Russia and Ukraine boosted the metal’s appeal as a haven asset.

Gold in New York, which normally sets the price trend on the domestic front, rose by 0.5 per cent to $ 1,379 an ounce and silver by one per cent to $ 21.41 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 30,830 and Rs 30,630 per 10 grams, respectively. It had gained Rs 10 on Friday.

Sovereigns, however, remained steady at Rs 25,350 per piece of eight grams.

Silver ready rose further by Rs 200 to Rs 47,200 per kg and weekly-based delivery by Rs 235 to Rs 47,085 per kg. It had gained Rs 1,070 in the previous four sessions.

Silver coins also spurted by Rs 2,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.