Gold rises on firm global cues; silver steady in thin trade

Written by: Pti
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New Delhi, Jan 17 (PTI) Gold prices rose by Rs 45 to Rs20,580 per ten grams in the national capital today onemergence of buying for the ongoing marriage season amidfirm global cues.

However, silver held steady at Rs 44,000 per kg inrestricted buying activity.

Buying in gold picked up on firm global trend as FitchRatings downgraded Greece''s credit rating, which raisedconcern that the European sovereign-debt crisis wouldcontinue, boosting demand for the metal as an alternativeinvestment option, traders said.

Gold in global markets, which normally sets the pricetrend on the domestic front, gained 0.3 per cent to USD1,365.95 an ounce.

Beside some local buying for the current marriage seasonsupported the uptrend, they added.

On the domestic front, the gold of 99.9 and 99.5 per centpurity rose by Rs 45 each to Rs 20,580 and Rs 20,460 per tengrams, respectively. Sovereign remained stable at Rs 16,900per piece of eight grams.

Silver ready held steady at Rs 44,000 per kg while silverweekly-based delivery lost Rs 15 to Rs 43,800 per kg.

Due to marriage season demand silver coins gained Rs 200to Rs 50,500 for buying and Rs 50,600 for selling of 100pieces, they said. PTI RS SUN KPS

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