Gold rises by Rs 90 to Rs 30,680 on increased buying, global cues
Continuing their rising streak for the fourth straight session, gold prices on Friday rose by another Rs 90 to Rs 30,680 per 10 grams on increased buying by stockists for the ongoing marriage season amid a firming global trend.
On the other hand, silver recovered by Rs 240 to Rs 43,420 per kg on increased offtake by industrial units and coin makers.
Traders said increased buying by stockists and retailers for the ongoing marriage season amid a firming global trend, as escalating tensions between Ukraine and Russia spur demand for haven assets, mainly led the rise in precious metal prices.
Gold in New York, which normally sets price trend on the domestic front, rose by 0.5 per cent to $1,290.60 an ounce and silver by 1.3 per cent to $19.71 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 90 each to Rs 30,680 and Rs 30,480 per 10 grams, respectively.
The yellow metal had gained Rs 550 in the previous three sessions.
Sovereign, however, held steady at Rs 25,000 per piece of 8 grams in limited deals.
Silver ready recovered by Rs 240 to Rs 43,420 per kg and weekly-based delivery by similar margin to Rs 42,720 per kg. It had lost Rs 120 on Thursday.
Silver coins ruled steady at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.
