Gold, silver remains up on firm global cues, seasonal demand

Posted By: Pti
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New Delhi, Jan 19 (PTI) Gold rose for the third straightday in the national capital today by adding Rs 40 to Rs 20,670per ten grams on sustained buying amid firm global cues.

Silver rose further by Rs 500 to Rs 44,800 per kg inline with a rise of Rs 300 in the previous session asindustrial units remained net buyers.

Trading sentiment remained bullish after gold gained forthe third day in global markets on concerns over the paceof the US economic recovery leading to a decline in the valueof dollar, boosting the yellow metal''s appeal as analternative investment option.

Gold in international markets, which normally sets aprice trend on the domestic front, advanced 0.5 per cent toUSD 1,375.18 an ounce and silver by 1.5 per cent to USD 29.28an ounce, the highest level since January 13.

On the domestic front, silver ready remained in demandand jumped up by Rs 500 to Rs 44,800 per kg and weekly-baseddelivery spurted by Rs 670 to Rs 44,650 per kg.

Silver coins followed suit and gained Rs 200 to Rs 50,600for buying and Rs 50,700 for selling of 100 pieces.

In line with a general firm trend, gold of 99.9 and 99.5per cent purity added by Rs 40 each to Rs 20,670 and Rs 20,550per ten grams. Gold had gained Rs 95 per ten grams in the lasttwo sessions. However, sovereign remained stable at Rs 16,900per piece of eight grams in restricted buying.

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