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Gold gains for third day on sustained buying, global cues

New Delhi, PTI | Updated : 08 November 2013, 05:01 PM

Gold prices gained for the third straight session by adding Rs 50 to Rs 31,400 per ten grams in the national capital on Friday on sustained buying by stockists for the marriage season amid a firming global trend.

However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.

Traders said sustained buying by stockists for the marriage season and a higher trend in global markets mainly helped gold prices to gain for the third day.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.3 per cent to USD 1,311.13 an ounce and silver by 0.4 per cent to USD 21.74 an ounce.

They said some investor seen shifting their funds from weakening equity to rising bullion also influenced the sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 31,400 and Rs 31,200 per ten grams, respectively. It had gained Rs 250 in last two trading sessions.

Sovereign continued to be asked at last level of Rs 25,200 per piece of eight grams in restricted buying activity. On the other hand, silver ready declined by Rs 215 to Rs 49,100 per kg and weekly-based delivery by Rs 205 to Rs 48,550 per kg. The white metal had gained Rs 815 in the previous two sessions.

Silver coins held steady at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.

First Published: Friday, November 08, 2013 04:50 PM
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