Gold extended gains for the second straight day by adding Rs. 170 to Rs. 27,940 per 10 grams today on sustained buying, following pick-up in wedding season demand amid a firming global trend.
However, silver lacked necessary buying support at existing high levels and fell by Rs. 900 to Rs. 55,800 per kg.
Trading sentiments in gold remained firm after it advanced in global markets, as concern that a Greek referendum will threaten Europe’s plan to end the region’s debt crisis spurred demand for the metal as a safe haven investment.
Gold in global markets, which normally sets the price trend on the domestic front, rose by $ 14.08 to $ 1,733.97 an ounce in London.
Besides, pick-up in local demand driven by the marriage season was another reason behind a continued rise in gold prices.
On the domestic front, gold of 99.9 and 99.5 per cent purity remained in demand and advanced by Rs. 170 each to Rs. 27,940 and Rs. 27,800 per 10 grams, respectively. The metal had gained Rs. 230 yesterday. Sovereigns remained stable at Rs. 22,100 per piece of eight grams in limited deals.
On the other hand, silver ready met with resistance at higher levels and dropped by Rs. 900 to Rs. 55,800 per kg and weekly-based delivery by Rs. 950 to Rs. 55,835 per kg.
Silver coins continued to be asked around previous level of Rs. 62,000 for buying and Rs. 63,000 for selling of 100 pieces.
