Gold, silver gain on increased buying, global cues

Gold prices gained Rs 175 to Rs 30,200 per ten grams here for the second straight day on increased buying by stockists and jewellers for the ensuing marriage season and a firming global trend.

Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.

Bullion traders said sentiment remained firm as stockists and jewellers increasing their positions to meet the coming marriage season demand.

They said a firming global trend further influenced the market sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 1.5 per cent to $1,224.11 an ounce and silver traded at $20 an ounce from $19.47.

On the domestic front, gold of 99.9 and 99.5 per cent purity jumped by Rs 175 each to Rs 30,200 and Rs 30,000 per ten grams, respectively. It had climbed by Rs 225 yesterday. Sovereign remained flat at Rs 25,100 per piece of eight gram.

In a similar fashion, silver ready surged by Rs 950 to Rs 44,750 per kg and weekly-based delivery by Rs 1,220 to Rs 45,180 per kg. It had gained Rs 45 in last trading session.

Silver coins also spurted by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.