Gold rises to Rs 22,570, silver to Rs 54,700 on global cues

New Delhi, Jul 9: Gold moved up by Rs 185 to Rs 22,570 per 10 grams, while silver maintained its rising streak for the fourth consecutive day by adding Rs 200 to Rs 54,700 per kg today, on brisk buying by stockists and jewellers amid firm global cues.

The trading sentiment bolstered after gold shot up by USD 11 dollar to USD 1,541.60 an ounce overseas, as a sluggish US labour market signalled that interest rates will remain low, boosting the appeal of the precious metal as an alternative investment.

Besides, buying by retail customers for the ongoing marriage season also influenced the trading sentiment to some extent, traders said.

In the domestic market, gold of 99.9 and 99.5 per cent purity surged by Rs 185 each to Rs 22,570 and 22,450 per 10 grams, respectively.

Sovereigns remained stable at Rs 18,700 per piece of eight grams.

In line with a general firming trend, silver ready rose by Rs 200 to Rs 54,700 per kg. Weekly-based delivery moved up by the same margin to Rs 54,700 per kg.

The metal gained Rs 3,200 in last three sessions.

However, silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

PTI