Gold gains Rs 225 on seasonal buying, silver up by Rs 500

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Gold jewellery
New Delhi, Jan 31: Gold maintained an upward trend for the fourth straight day in the bullion market here on Tuesday and rose by Rs 225 to Rs 28,690 per 10 grams on marriage season demand amid a firming global trend.

Silver also found fresh buying support from industrial units and speculators and gained Rs 500 to Rs 56,500 per kg.

Traders said gold rose on sustained buying by stockists and jewellery makers to meet the marriage season demand.

A firming trend in overseas market after gold gave the best January performance since 2008 as a weaker dollar boosted the metal's appeal, also influence the trading sentiment, traders said.

In Singapore, gold gained 0.3 per cent to USD 1,735.63 an ounce, while silver rose by 0.4 per cent to USD 33.64 dollar an ounce.

Back home, gold of 99.9 and 99.5 per cent purity climbed by Rs 225 each to Rs 28,690 and Rs 28,550 per 10 grams, respectively. The metal has gained Rs 695 in the last three trading days.

Sovereign followed suit and rose by Rs 50 to Rs 23,400 per piece of eight grams.

Silver ready recovered by Rs 500 to Rs 56,500 per kg and weekly-based delivery gained Rs 560 to Rs 57,185 per kg. The precious metal had lost Rs 500 in the previous session.

Silver coins followed suit and spurted by Rs 2,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces on rising marriage season demand.

PTI

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