Gold gains Rs 60 on global cues, silver sheds Rs 750

New Delhi, Jan 5: A divergent trend was seen in the bullion market here today as gold maintained its upward march for the third straight day by adding Rs 60, while silver declined by Rs 750. Gold gained Rs 60 to Rs 28,180 per 10 grams on sustained buying in line with a firming global trend, while silver met with profit selling at higher level and fell by Rs 750 to Rs 52,450 per kg.

Traders said buying activity in gold picked up on a firming global trend as demand rose in Asia for the approaching Chinese Lunar New Year. In Singapore, gold rose by 0.8 per cent to USD 1,623.97 an ounce, the highest level since December 21.

Silver also gained 1.4 per cent to USD 29.58 an ounce. Back home, gold of 99.9 and 99.5 per cent purity advanced by Rs 60 each to Rs 28,180 and Rs 28,040 per 10 grams, respectively. The metal has gained Rs 480 in the last two trading sessions.

Sovereigns continued to be asked around previous level of Rs 23,300 per piece of eight grams. However, silver ready fell by Rs 750 to Rs 52,450 per kg and weekly-based delivery by Rs 205 to Rs 52,895 per kg. Silver coins followed suit and dropped by Rs 3,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.

PTI