Gold extends gain on global cues, silver remains weak

New Delhi: Helped by positive cues from global markets and increased buying by jewellers, gold continued its upward trend for the second day by rising Rs 105 to Rs 27,335 per 10 gm at the bullion market on Wednesday.

Silver, however, remained under selling pressure and dipped below Rs 37,000 by falling another Rs 175 at Rs 36,900 per kg on poor off-take by industrial units and coin makers.

Marketmen said firming global trend as investors awaited next week?s meeting of Federal Reserve for clues on the timing of a US rate increase amid speculation that rises may be likely only in 2016, mainly influenced gold prices.

Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.

They said increased buying by jewellers to meet ongoing wedding season demand further fuelled the uptrend in gold prices.

In the national capital, gold of 99.9 and 99.5 per cent purity added Rs 105 each to Rs 27,335 and Rs 27,185 per 10 gm respectively. It had gained Rs 80 yesterday.

Sovereign remained steady at Rs 22,400 per piece of eight gram.

On the other hand, silver remained under selling pressure for the third day and lost another Rs 175 at Rs 36,900 per kg, while weekly-based delivery held steady at Rs 36,935 per kg.

Silver coins plunged Rs 1,000 to Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.