Gold extends gains on firm global cues; silver tops Rs 39,000

Rising for the second straight day, gold prices gained Rs 65 to reach Rs 30,550 per 10 grams at the bullion market today on sustained buying by local jewellers amid a firm trend overseas. Silver followed suit and reclaimed the Rs 39,000-mark by jumping Rs 250 to Rs 39,100 per kg due to increased offtake by industrial units and coin makers.

Marketmen said sentiment was bolstered after gold bounced in global markets, as a weak US jobs data pushed the dollar lower.

Increased buying by local jewellers to meet the rising demand at the domestic spot market too fulled the uptrend, they said.

Globally, gold rose 0.51 per cent to USD 1,213.30 an ounce and silver gained 0.62 per cent to USD 15.38 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose Rs 65 each to Rs 30,550 and Rs 30,400 per 10 grams, respectively.

The precious metal had gained Rs 50 in yesterday’s trade.

Sovereign, however, remained flat at Rs 24,600 per piece of eight grams.

In sync with gold, silver ready bounced back by Rs 250 to Rs 39,100 per kg and weekly-based delivery by Rs 280 to Rs 38,070 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.