Gold Rises for 10th Straight Day on Global Cues

New Delhi: On its tenth straight day of gains, gold added another Rs 25 to Rs 26,335 at the bullion market on Wednesday, largely on a firming global trend along with continued seasonal buying by jewellers.

Silver, however, remained under selling pressure and plunged by Rs 650 at Rs 35,300 per kg.

Bullion traders said that a firming global trend as investors await release of Federal Reserve minutes, which may give further clues on the timing of an interest rate hike in the US and sustained buying by jewellers to meet rising demand mainly kept gold prices higher.

Globally, gold traded a shade higher at $1,119.20 an ounce in Singapore.

A depreciating rupee against the dollar, making imports expensive, further fueled the uptrend in gold prices, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 25 each to Rs 26,335 and Rs 26,185 per 10 grams respectively. The precious metals had gained Rs 1,330 in the previous nine days.

Sovereign, however, continued to be traded at previous level of Rs 22,400 per piece of 8 grams.

On the other hand, silver ready remained under selling pressure and lost another Rs 650 at Rs 35,300 per kg and weekly-based delivery by Rs 825 at Rs 34,920 per kg.

Meanwhile, silver coins were unaltered at Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.