Gold, silver rise on global cues
New Delhi: Both gold and silver rose in the bullion market here Monday on sustained buying by stockists and investors, supported by a strong global trend.
While gold added Rs 50 to Rs 29,955 per 10 gram, silver rose by Rs 450 to Rs 55,100 per kg on rising demand among industrial units and coin makers.
Trading sentiment remained firm after gold advanced in overseas markets following firming euro against the dollar as Spain asked for a bailout amid speculation that demand from China will be sustained, dealers said.
In Singapore, gold rose by 0.9 percent to USD 1,608.25 an ounce and silver by 2 percent to USD 29.06 an ounce.
Sustained buying by stockists and investors following volatile equity and forex markets further fuelled the uptrend in precious metals, traders said.
On the domestic front, gold of 99.9 and 99.5 percent purity added another Rs 50 each to Rs 29,955 and Rs 29,755 per 10 grams, respectively.
Sovereign held steady at Rs 24,000 per piece of eight grams in limited deals.
Silver ready gained Rs 450 to Rs 55,100 per kg and weekly-based delivery Rs 505 to Rs 54,755 per kg.
Silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.