Gold price up on sustained buying, global cues
New Delhi: Both the precious metals, gold and silver, Monday rose further in the bullion market here on sustained buying by stockists amid a firm global trend.
While gold rose by Rs 45 to Rs 26,475 per 10 grams, silver by Rs 200 to Rs 41,200 per kg on increased offtake by jewellers and coin makers.
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Gold in Singapore, which normally sets the price trend on the domestic front, rose by 1.1 percent to USD 1,248.12 an ounce and silver by 2.3 percent to USD 20.10, the highest since June 24.
On the domestic front, gold of 99.9 and 99.5 percent purity advanced by Rs 45 each to Rs 26,475 and Rs 26,275 per 10 grams, respectively. It had gained Rs 780 on Saturday. Sovereigns rose by Rs 200 to Rs 23,800 per piece of eight grams.
In line with a general firm trend, silver ready rose further by Rs 200 to Rs 41,200 per kg and weekly-based delivery by Rs 650 to Rs 40,900 per kg. The white metal had climbed Rs 1,990 in the previous session.
Silver coins also spurted by Rs 1,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.