Gold rises by Rs 195, silver up by Rs 400 on festive demand

New Delhi, Oct 11: Both the precious metals, gold and silver, extended gains for the second straight session on Oct 11 on sustained buying by stockists for the ongoing festive season amid rising global trend.

While gold added Rs 195 to Rs 27,115 per 10 grams, silver gained Rs 400 to Rs 53,900 per kg. Trading sentiments bolstered after gold climbed the most in a week in New York as falling dollar prompted investors to buy the precious metal as an alternative asset.

Gold in New York, which normally sets the price trend on the domestic front, rallied by USD 37.20 to USD 1,675.90 an ounce and silver by 2.46 per cent to USD 32.04 an ounce.

Retailers buying for the ongoing festive season also supported the uptrend. On the domestic front, gold of 99.9 and 99.5 per cent purity added another Rs 195 each to Rs 27,115 and Rs 26,975 per 10 grams, respectively.

The metal had gained Rs 260 yesterday. Sovereigns followed suit and traded higher by Rs 50 to Rs 22,000 per piece of eight grams.

Similarly, silver ready remained in demand and advanced by Rs 400 to Rs 53,900 per kg and weekly-based delivery by Rs 405 to Rs 53,200 per kg, respectively. Silver coins also moved up by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

PTI