Gold, silver rise for the 3rd day on festive demand

Gold, silver rise for the 3rd day on festive demand New Delhi: Both gold and silver rose for the third day in a row in the bullion market here on Friday on buying by stockists and retailers for the ongoing festive season.

Gold gained Rs 175 to Rs 31,725 per 10 grams, while silver added Rs 50 to Rs 60,600 per kg.

Traders said both precious metals rose despite a weak global trend on increased buying for 'Navratras' -- an auspicious week for buying new things in Hindu mythology.

In Singapore, gold lost 0.4 per cent to USD 1,735.24 an ounce, while silver shed 0.4 per cent to USD 32.68 an ounce.

Back home, gold of 99.9 and 99.5 per cent purity gained Rs 175 each to Rs 31,725 and Rs 31,525 per 10 grams, respectively. The metal has gained Rs 290 in last two sessions.

Sovereign held steady at Rs 25,450 per piece of eight grams in scattered deals.

Silver ready added Rs 50 to Rs 60,600 per kg and weekly-based delivery by Rs 20 to Rs 60,590 per kg. The white metal has gained Rs 620 in the previous two sessions.

Silver coins, however, met resistance at prevailing higher levels and lost Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

PTI