Gold extends gains on stockists buying, global cues

Gold extended gains for the second straight session, adding Rs 90 to Rs 30,170 per ten gram in the national capital today, on sustained buying by stockists for the ensuing wedding season amid firming global trend.

Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.

In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 29,950 and Rs 29,800 per ten gram, respectively, while silver enquired at Rs 45,000 per kg.

Traders said besides firming trend overseas, sustained buying by stockists to meet the coming marriage season demand mainly led to rise in gold for the second straight day.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.8 per cent to $1,238.15 an ounce and silver by one per cent to $19.77 an ounce.

At the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 90 each to Rs 30,170 and Rs 29,970 per ten gram, respectively. It had gained Rs 80 yesterday.

Sovereign held steady at Rs 25,000 per piece of eight gram.

In line with a general firm trend, silver ready recovered by Rs 310 to Rs 44,310 per kg and weekly-based delivery traded lower by a similar margin to Rs 44,310 per kg. The white metal had lost Rs 1,350 in last two trading sessions.

Silver coins, however, lacked necessary buying support and plunged by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.