Gold rises by Rs 150 on firm demand, silver loses Rs 400
Gold prices rose for the third straight day in the bullion market Tuesday by adding Rs 150 to Rs 28,650 per 10 grams on increasing wedding season demand, supported by a firming global trend.
New Delhi: Gold prices rose for the third straight day in the bullion market Tuesday by adding Rs 150 to Rs 28,650 per 10 grams on increasing wedding season demand, supported by a firming global trend.
Silver, on the other hand, lacked necessary buying support from industrial units and coin makers and lost Rs 400 to Rs 56,100 per kg.
Traders said sentiment in gold remained firm as it climbed for fourth day in Asia on speculations that central banks in the US and China may take more steps to spur growth after data missed estimates, spurring demand for precious metals.
In Singapore, gold gained 0.9 percent to USD 1,654.90 an ounce, the highest level in a week.
In addition, rising wedding season demand also influenced the trading sentiment in gold prices, they said.
Back home, gold of 99.9 and 99.5 percent purity advanced by Rs 150 each to Rs 28,650 and Rs 28,510 per 10 grams, respectively. The metal has gained Rs 360 in last two trading sessions.
Sovereigns also rose by Rs 100 to Rs 23,500 per piece of eight grams.
Silver ready, however, lacked necessary buying support and fell by Rs 400 to Rs 56,100 per kg and weekly-based delivery shed Rs 300 to Rs 56,100 per kg.
Silver coins too dropped by Rs 3,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.