Gold up by Rs 85 on firm global cues, silver ends flat

New Delhi, Jan 6: Continuing its rising trend for the fourth straight session, gold today rose by Rs 85 to Rs 28,265 per 10 grams, on sustained buying by stockists driven by a firming global trend. However, silver held steady at Rs 52,450 per kg in scattered deals.

The trading sentiment in gold remained firm in global markets, as the rising euro zone debt crisis and geopolitical tension in the Middle-East boosted the precious metal's demand as a safe haven. In Singapore, gold gained 0.4 per cent to USD 1,628.52 an ounce, the highest level since December 21.

In addition, some local buying for the marriage season also supported the uptrend in gold prices. On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 85 each to Rs 28,265 and Rs 28,125 per 10 grams, respectively.

It had gained Rs 540 in the previous three sessions. Sovereigns continued to be asked around previous level of Rs 23,300 per piece of eight grams in limited deals. On the other hand, silver ready held steady at Rs 52,450 per kg, while weekly-based delivery fell by Rs 295 to Rs 52,600 per kg on lack of speculator's buying support.

Although, silver coins rose by Rs 1000 to Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.

PTI