Gold rises for 4th day; up Rs 130 at Rs 30,370 per 10 gm
Extending gains for the fourth straight session, gold rose Rs 130 to Rs 30,370 per 10 grams here Wednesday on sustained buying by stockists in line with a firming global trend.
New Delhi: Extending gains for the fourth straight session, gold rose Rs 130 to Rs 30,370 per 10 grams here Wednesday on sustained buying by stockists in line with a firming global trend.
Silver also strengthened by Rs 200 to Rs 55,000 per kg on increased buying by industrial units and coin makers.
The trading sentiment remained firm after gold held near the highest level this month overseas before the US Federal Reserve concludes a policy meeting amid concern Europe's debt crisis may worsen.
Gold in New York, which normally sets the price trend on the domestic front, rose by USD 7 to USD 1,612.80 an ounce and silver gained 0.03 percent to USD 28.91 an ounce.
In addition, sustained buying by stockists and investors diverting their funds from weakening equity to rising bullion had positive impact.
On the domestic front, gold of 99.9 and 99.5 percent purity advanced by Rs 130 each to Rs 30,370 and Rs 30,170 per 10 grams, respectively. The metal had gained Rs 310 in the previous three sessions. Sovereigns also moved up by Rs 50 to Rs 25,350 per piece of eight grams.
In line with a general trend, silver ready rose further by Rs 200 to Rs 55,000 per kg and weekly-based delivery by Rs 160 to Rs 54,560 per kg. The white metal had gained Rs 325 in last two trading sessions. Silver coins also spurted by Rs 1000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.